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11. Gamma Petroleum made the following transactions, all relating to one lease: a. On March 10, 2017, Gamma Petroleum paid delinquent property taxes of $4,000

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11. Gamma Petroleum made the following transactions, all relating to one lease: a. On March 10, 2017, Gamma Petroleum paid delinquent property taxes of $4,000 on an undeveloped lease. Assume that these taxes are recoverable out of future delay rental or royalty payments. Give the entry to record payment. h. On February 15, 2018, a delay rental payment of $1,000 is due. Determine the amount of cash actually paid and give the entry to record payment. c. On July 21, 2018, Gamma Petroleum decided to surrender the lease. Give the entry to record abandonment with respect to the delinquent property taxes. Ignore acquisition costs of the property. d. Assume instead that the $4,000 payment of delinquent taxes was not recoverable and was made at the time Gamma Petroleum was acquiring the lease. Give the entry to record the payment. e. Assume instead that the $4,000 payment was not recoverable and was made by Gamma Petroleum six months after acquiring the lease in order to protect Gamma's investment. REQUIRED: Give the entry to record the payments. 11. Gamma Petroleum made the following transactions, all relating to one lease: a. On March 10, 2017, Gamma Petroleum paid delinquent property taxes of $4,000 on an undeveloped lease. Assume that these taxes are recoverable out of future delay rental or royalty payments. Give the entry to record payment. h. On February 15, 2018, a delay rental payment of $1,000 is due. Determine the amount of cash actually paid and give the entry to record payment. c. On July 21, 2018, Gamma Petroleum decided to surrender the lease. Give the entry to record abandonment with respect to the delinquent property taxes. Ignore acquisition costs of the property. d. Assume instead that the $4,000 payment of delinquent taxes was not recoverable and was made at the time Gamma Petroleum was acquiring the lease. Give the entry to record the payment. e. Assume instead that the $4,000 payment was not recoverable and was made by Gamma Petroleum six months after acquiring the lease in order to protect Gamma's investment. REQUIRED: Give the entry to record the payments

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