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The Manguino Oil Company incurred exploration costs in 2021 searching and drilling for oil as follows: Well 101 Well 102 Well 103 Wells 104-108 Total $ 70,000 80,000 100,000 460,000 $710,000 It was determined that Wells 104-108 were dry holes and were abandoned. Wells 101, 102, and 103 were determined to have sufficient oil reserves to be commercially successful. Required: 1. Prepare a summary journal entry to record the indicated costs assuming that the company uses the full-cost method of accounting for exploration costs. All of the exploration costs were paid in cash. 2. Prepare a summary journal entry to record the indicated costs assuming that the company uses the successful efforts method of accounting for exploration costs. All of the exploration costs were paid in cash. (For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Thornton Industries began construction of a warehouse on July 1, 2021. The project was completed on March 31, 2022. No new loans were required to fund construction. Thornton does have the following two interest-bearing liabilities that were outstanding throughout the construction period: $4,000,000, 10% note $6,000,000, 5% bonds Construction expenditures incurred were as follows: July 1, 2021 September 30, 2021 November 30, 2021 January 30, 2022 $ 640,000 960,000 960,000 900,000 The company's fiscal year-end is December 31. Required: Calculate the amount of interest capitalized for 2021 and 2022. Complete this question by entering your answers in the tabs below. 2021 2022 Calculate the amount of interest capitalized for 2021. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) Date Expenditure Weight Average X July 1, 2021 September 30, 2021 November 30, 2021 Accumulated expenditures $ 0 $ Amount Interest Rate Capitalized Interest $ Average accumulated expenditures $ 0 X % X - 0 2021 2022 > Complete this question by entering your answers in the tabs below. 2021 2022 Calculate the amount of interest capitalized for 2022. (Do not round the intermediate calculations. Round your percentage answers to 1 decimal place (i.e. 0.123 should be entered as 12.3%).) Date Expenditure Weight Average January 1, 2022 January 30, 2022 X $ 0 $ 0 Amount Interest Rate Capitalized Interest Average accumulated expenditures $ 0 X % X - $ 0