In 2006, Beta Company purchased the WI of an unproved lease for \($50,000\). In 2007, Beta Company recognized impairment of \($20,000\) on this lease. In 2008, Beta Company sold the entire WI to Company Q for:

a. $25,000

b. \($55,000\) Assume instead that the property was assessed on a group basis and sold for:

c. $25,000

d. \($55,000\) Give the entry to record the sale in each of the above situations assuming that Beta Company is a successful-efforts company.