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Alexander Of Company acquired the following three unexplored ipsos: July 1, 2019 Lease A $500,000 August 15, 2019 Lease 8 $300,000 October 10, 2019 Lease
Alexander Of Company acquired the following three unexplored ipsos: July 1, 2019 Lease A $500,000 August 15, 2019 Lease 8 $300,000 October 10, 2019 Lease C $400,000 All leases are classified as individually significant aOn December 31, 2019, Lease A is determined to be 45% Impaired. Lease B and C are not impaired. b. On December 31, 2020, Lease Als determined to be impaired a total of 80%, Lease C, 50% Lease B is not impaired On December 31, 2021. Lease A is considered to be 100% impaired and is abandoned. Lease B is 20% Impaired and a well on Lease C found proved reserves Required: Prepare iovmal entries for all of the above transactions except the initial purchase
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