5. Fossil Oil Company began operations in 2006 with the acquisition of four undeveloped leases, all individually significant. Give the entries assuming the following transactions. For simplicity, you may combine entries for the different leases for all items marked with an asterisk (*). Year Transaction Lease A Lease B Lease C Lease D 2006 Shooting rights* $20,000 none none $15,000 G&G costs, broad 50,000 none none 90,000 Lease bonuses* 30,000 $40,000 $60,000 50,000 G&G costs, detailed* 65,000 30,000 45,000 35,000 Dry-hole contributions paid* 15,000 none none 25,000 Legal costs, title exams* 1,000 5,000 4,000 10,000 Legal costs, title defense none none 50,000 none Delinquent taxes (in contract 25,000 none none none and nonrecoverable) Dec 31 Impairment 10% 25% 40% 2007 Delay rentals* 2,000 10,000 3,000 8,000 Property tax 3,000 none 5,000 none Miscellaneous abandoned drilled & - + 10% lease found oil impaired