Aggie Oil Corporation, a new successful efforts company, incurred the following costs and made the other transactions shown below for the years $2018$ and $20192018$ a$.$ Paid $$225,000$ for G&G costs during the yeat $1$ Leased acreage in three individually significant areas as follows I$)$ Marylease$-1,000$ acres e Sacre bons, and other acquisition cost of $53,0002)$ Batch leute $600$ actes a lease benus of Solere, and other acquisition costs of $10,0003)$ Highland lease$-600$ acres Sacre books and other acquisition costs of $$8\mathrm{.}000$ c$.$ The company also leased $20$ individual tracts for a total cost of $$80\mathrm{.}000$ These leases are considered to be individually significant and are the first insignificant improved properties acquired by Apple $4.$ Paid $$5\mathrm{.}000$ in costs to maintain lease and land records in $2018.$ Also paid $$30\mathrm{.}000$ to successfully defend a title sunt concoming the Batch lease. e Paid the following costs in connection with Balch a successful well: G&G costs to locate a wellsite $ $5\mathrm{.}000$ Location and road preparation prior to spulding in the well. $6\mathrm{.}000$ Surface damages $16,000$ Surface casing.. $6,000$ Contractor's fee $($day work rate$)200,000$ Equipment rentals $100\mathrm{.}000$ Drilling fluids $40\mathrm{.}000$ Fuel $10\mathrm{.}000$ Drill bits.. $20\mathrm{.}000$ Cementing services $5\mathrm{.}000$ Roustabout labor $9,000$ Hauling and transportation $8\mathrm{.}000$ Production casing $36\mathrm{.}000$ Tank ballery $..11\mathrm{.}000$ Flow lines and connections. $5\mathrm{.}000$ Pumping unit motor and accessories $50\mathrm{.}000$ Casing head and connections $7\mathrm{.}000$ Tubing $13\mathrm{.}000$ Separating and treating equipment $12\mathrm{.}000$ Measuring equipment $1\mathrm{.}000$ Downhole pump and rods $4\mathrm{.}000$ Testing and acidiring. $11\mathrm{.}000$ CHAPTER $6$ Drilling and Post$-$Seli $-187$ I. An exploratory well was drilled on the Highland lease in $2018$ on a turnkey basis to $8\mathrm{.}000$ feet. The contractors charge of $$400,000$ was paid. The charge included $560,000$ for casing. At the end of $2018,$ a decision had not been made to complete or abandon the well. Both criteria for delaying classification of the well were met. At the end of $2018,$ the Marylease was impaired $60\%.$ and the Highland lease by $309.$ The company's policy is to maintain an allowance for impairment at $70\%$ of the cost of insignificant leaves $20191.$ Delay rentals of $$2\mathrm{.}000$ were paid on the Mary Beze, $51\mathrm{.}200$ on the Highland lease, and $$3,000$ on group lases b$.$ During $2019,$ the Mary lease was abandoned, and three of the individually insignificant leuses $($cost $$8,000)$ were also abundoned. The Highland fease is now considered to be a very valuable lase, because a large producer was discovered on adjoining land c$.$ At year$-$end $(2019),$ the company had not made a decision to complete or abandon the Highland well. Both criteria for delaying classification of the well were no longer met REQUIRED: Prepare joumal entries for the above transactions