an2 Qu saved out of During 2018, the ABC Company obtained an initial license to search for oil. The company paid the following cost during their survey's studios: Cost item Amount Initial license $500,000 Geophysical studies $750,000 Sampling $100,000 Following the initial studies and research, the company decided that this area has high potential to extract oil from. Therefore, the company Applied for Exploration License. The company obtained the right of exploration in exchange with $75,000,000. The company leased 20 Km of land for $20,000,000 The estimated cost of restoration the land when completing the project was $4,000,000. During the exploration period, the companies have two holes with the following associated cost for each hole: Cost Item Hole A Hole B Geochemical studies $4,000,000 $4,500,000 Drilling $5,000,000 $2,500,000 Sampling $3,000,000 $5,000,000 The company found out that hole B is an economically feasible well, whereas A is dried hole, or the oil quantity are not feasible. Required: Journalize the required entries using the successful effort method