Bell Oil Ltd acquired the shooting rights to 14,000 acres at $7.5 per acre and paid an independent geological firm to conduct the initial G & G work for $205,000. Based on this initial G & G work Bell Oil Ltd acquired a 3,500 lease and hired the same geological firm to perform detailed G & G studies on the 3,500 acres at a cost of $620,000. Bell Oil Ltd, due to a lack of funds, did not drill on the lease during the first year and, therefore, made a delay rental payment of $19,300. Bell Oil also paid property taxes on its interest in the property of $10,200 and legal fees of $57,300 in defending the title to the property

What would be the journal entries to record these transactions?