Charles Oil Incorporated capitalized the following costs relating to two unproved leases: Lease C (600 acres) $42,000 Lease D (1,200 acres) $50,000 Charles Oil Incorporated negotiated a new lease on Lease Cimmediately following the end of the primary term. The lease bonus was $150/acre on the new lease. Before the end of the primary term, Charles Oil also obtained a new lease on Lease Dat a lease bonus rate of $130/acre. This lease was to take effect prior to the end of the primary term. REQUIRED: Prepare journal entries for the two leases