Abbot Oil Corporation, located in Houston, Texas, has been operating for four

years. Abbot uses full cost accounting and excludes all possible costs from the

amortization base. The following account balances are as of the end of $2020.$

REQUIRED: Give any entries necessary for the following events and transactions:

a$.$ Lease A was abandoned on March $20,2021.$

b$.$ Lease B was proved on May $13.$

c$.$ Insignificant leases costing $$80,000$ were acquired during $2021.$

d$.$ Lease $E$ was abandoned early in July.

e$.$ Lease $F$ was proved October $21.$

f$.$ At December $31,$ Abbot decides that Lease D should be impaired an

additional $$120,000.$

g$.$ At December $31,$ Abbot decides to continue its policy of maintaining an

allowance for impairment equal to $60\%$ of unproved insignificant leases.