5. Lynx Oil Company follows the successful efforts method of accounting. During 2019, Lynx incurred the costs listed below. " February 16: Cost of G&G activities to locate an oil prospect on an unproved property: $460,000 April 12: Acquisition costs for a 1,000-acre unproved lease consisted of a lease bonus of $400 per acre May 7: Dry-hole costs for an exploratory well: $2,750,000 July 12: Successful exploratory well costs: $7,500,000 August 1: Cost of production facilities including, tank battery, flow lines and a separator: $1,200,000 August 23: Production costs: $120,000 Perform any necessary calculations and prepare the journal entries for each transaction, including any necessary transfers of costs