7. Green Petroleum, a successful efforts company, began operations in 2018 with the acquisition of one field. Green proved the field during 2018. At the end of 2018, prices were high and costs low. During 2019, Green continued exploration and development activities in the field, but towards the end of 2019, the government began discussing a significant increase in the tax rates. During 2020, the tax hike was approved and enacted. Data for Green's one field are as follows: $400,000 Capitalized costs before any write-downs $400,000 2018 2019 2020 $900,000 $900,000 Accumulated DD&A 20,000 100,000 180,000 Expected undiscounted future net cash flows 390,000 880,000 600,000 Fair value (discounted future net cash flows) 300,000 580,000 520,000 REQUIRED: Make any necessary journal entries for the above years relating to impairment.