1. Connor Oil Company incurred the following costs during calendar year 2022:
   1. 2/7 Cost of geological and geophysical activities to locate and oil prospect $350,000
   2. 3/18 Acquisition costs for a 800-acre lease: lease bonus payment of $2000/acre; other costs incurred in acquiring the property, $9,000
   3. 6/3 Dry hole costs of an exploratory well $2,345,000
   4. 7/12 Successful exploratory well costs, $3,015,000
   5. 8/12 Cost of production facilities such as flow lines and separators, $1,135,000
   6. 9/1 Production cost $125,000

Prepare the journal entries for the above transactions using the successful efforts method of accounting. If you

Example p. 46