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3. During 2006, the exploration department of Red Ink Oil Company incurred the follow- ing costs in exploring South Texas fields. Give the entries. Shooting

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3. During 2006, the exploration department of Red Ink Oil Company incurred the follow- ing costs in exploring South Texas fields. Give the entries. Shooting rights $ 12,000 Bottom-hole contribution 40,000 Supplies for exploration (G&G) activities 8,000 Salaries for exploration (G&G) activities 100,000 Mapping costs for exploration (G&G) activities 15,000 Depreciation of exploration (G&G) equipment 20,000 Transportation for seismic crew 5,000 Operating costs for exploration (G&G) equipment 3,000

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