1. The following costs were incurred by Sunrise Oil and Gas (Sunrise) during the fiscal year ending March 31, 2019; assume Sunrise uses the full cost method of accounting. April 1, 2018 G&G Costs..... ........ . . . . . . . . . . . . . . . . . . . . $110,000 June 15, 2018 Lease bonus on a 1,000-acre lease.... $25/Acre November 1, 2018 Dry-hole costs of an exploratory well. ...... . . . . . $410,000 December 15, 2018 Successful well costs.................! $950,000 January 21, 2019 Cost of production facilities....... . . . . ... $390,000 February 28, 2019 Production costs...... . . . . . . $38,000 REQUIRED: a. Prepare journal entries for the above transactions. b. Identify whether the entry is an Asset or Expense account