72 FUNDAMENTALS OF OIL & GAS ACCOUNTING 12. Reida Oil Corporation incurred the following costs during the fiscal year ending May 31, 2015. June 1, 2014 August 10, 2014 December 15, 2014 January 18, 2015 April 10, 2015 April 30, 2015 G&G costs.. Lease bonus on a 1,000 acre lease Other acquisition costs Dry-hole costs of an exploratory well. Successful well costs Cost of production facilities. Production costs $ 50,000 80/acre 2,000 400,000 600,000 500,000 40,000 Prepare journal entries for the above transaction, assuming that Reida Oil Corporation uses the full cost method of accounting