10. Hard Luck Oil Company incurred the following costs during 2008: a. began drilling an exploratory-type stratigraphic test well, incurred $50,000 of IDC b. began drilling an exploratory-type stratigraphic test well, incurred $80,000 of IDC and $10,000 in equipment costs c. began drilling a development-type stratigraphic test well, incurred $100,000 of IDC d. began drilling a development-type stratigraphic test well, incurred $200,000 of IDC and $30,000 in equipment costs The following results were obtained late in 2008: a. well was determined to be dry b. well found proved reserves c. well found proved reserves d. well was determined to be dry Prepare the necessary entries. 3 / 23

10. Hard Luck Oil Company incurred the following costs during 2008: a. began drilling an exploratory-type stratigraphic test well, incurred $50,000 of IDC b. began drilling an exploratory-type stratigraphic test well, incurred $80,000 of IDC and $10,000 in equipment costs c. began drilling a development-type stratigraphic test well, incurred $100,000 of IDC d. began drilling a development-type stratigraphic test well, incurred $200,000 of IDC and $30,000 in equipment costs The following results were obtained late in 2008: a. well was determined to be dry b. well found proved reserves c. well found proved reserves d. well was determined to be dry Prepare the necessary entries