72. FUNDAMENTALS OF OIL & GAS ACCOUNTING 4. Unger Petroleum Company incurred the following costs during 2018: February 3 Cost of G&G activities to locate an oil prospect ........... $120,000 March 9 Acquisition costs for a 500-acre lease: lease bonus $60/acre; other costs incurred in acquiring the property. 3,000 June 1 Dry-hole costs of an exploratory well 324,000 June 28 Successful exploratory well costs... 418,000 August 27 Cost of production facilities such as flow lines and separators 225,000 September 5 Production costs... 81,000 REQUIRED: Prepare journal entries for the above transactions using the successful efforts method of accounting