14. During the calendar year 2015, Deep Corporation had the following transactions on an unproved property: Grant #1 was drilled, with IDC costs of $310,000 and equipment costs of $42,000. The well was determined to be dry and was plugged and abandoned at a cost of $10,000. Salvaged equipment placed in inventory was valued at $8,000. Prepare journal entries for the transactions. 125

14. During the calendar year 2015, Deep Corporation had the following transactions on an unproved property: Grant \#1 was drilled, with IDC costs of $310,000 and equipment costs of $42,000. The well was determined to be dry and was plugged and abandoned at a cost of $10,000. Salvaged equipment placed in inventory was valued at $8,000. Prepare journal entries for the transactions