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13. Lynx Oil Company, a successful efforts company, drilled the Tivoll #720 exploratory well during May 2021 for $7,700,000 of IDC and $1,300,000 of equipment

13. Lynx Oil Company, a successful efforts company, drilled the Tivoll #720 exploratory well during May 2021 for $7,700,000 of IDC and $1,300,000 of equipment costs. Lease acquisition costs on January 13, 2021 totaled $250,000. The well was successfully completed on June 15, 2021. Give the entries to record the acquisition costs, well costs, and any final entries necessary to record the completion of the well. Edit View Insert Format Tools Table 12ptv Paragraph BIUA 2

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