CHAPTER 7 Proved Property Cost Disposition Successful Efforts. 233 costs relate to Lease A as of 12/31/18: The following costs relate to Lease Proved property. $ 80,000 Accumulated DD&A-proved property... 40,000 Well No. 1: Wells and equipment .. 500,000 Well No. 2: Wells and equipment ... 360,000 600,000 nuary 2019, Well No. I ceased production and was abandoned. In June 2019 Well No. 2 ceased production, and the well and the lease were abandoned. PEQUIRED: Prepare journal entries for the abandonments. Accumulated DD&A_ CHAPTER 7 Proved Property Cost Disposition Successful Efforts. 233 costs relate to Lease A as of 12/31/18: The following costs relate to Lease Proved property. $ 80,000 Accumulated DD&A-proved property... 40,000 Well No. 1: Wells and equipment .. 500,000 Well No. 2: Wells and equipment ... 360,000 600,000 nuary 2019, Well No. I ceased production and was abandoned. In June 2019 Well No. 2 ceased production, and the well and the lease were abandoned. PEQUIRED: Prepare journal entries for the abandonments. Accumulated DD&A_