Tiger Oil Company has two unproved leases with the following capitalized costs:

Tiger Oil Company negotiated a new lease on Lease C immediately following the end of the primary term. The lease bonus was \($60\) per acre on the new lease. Before the end of the primary term, Tiger also obtained a new lease on Lease D at a lease bonus rate of \($40\) per acre. This lease was to take effect prior to the end of the primary term. Prepare journal entries for the two leases.

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Lease C (600 acres) $20,000 Lease D (1,200 acres) $50,000