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12. During 2005, Fortunate Oil Company obtained the following leases: Lease Acres A 3,000 B 4,000 C 5,000 In obtaining these leases, Fortunate Oil

12. During 2005, Fortunate Oil Company obtained the following leases: Lease Acres A 3,000 B 4,000 C 5,000 In obtaining these leases, Fortunate Oil Company incurred shooting rights on Leases A and C at $0.50 an acre and incurred the following costs: Salaries for exploration activities.... Mapping costs for exploration activities.. Minor repairs of G&G exploration equipment. Give entries for the above transactions. . . $50,000 20,000 ... 1,000

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