Contractor's charges and drilling fee (no equipment) . 737.000 32,600 Completion costs in connection with the above well were as follows: 1 37,500 Labor for installing Christmas tree.. . . . . . . . . . . .. . . . . .. ,000 Flow lines and tanks . . . . . . . . . . . . . . . . . . . . . . . . . . . .. Labor for installing flow lines... . . . . . . . . . . . . . . .. _ . . . . . .. 8,000 f. An exploratory well was drilled on the Richards lease in 2018 on a turnkey basis to 9,000 feet. The contractor's charge was $300,000, which included $40,000 for casing. At the end of 2018, a decision had not been made to complete or abandon the well. Both criteria for maintaining the suspended well classification were met. g. At the end of 2018, the Raupe lease was impaired by 40%, and the Onyx lease by 20%. The company has a policy of maintaining an allowance for impairment equal to 60% of individually insignificant leases 2019 a. Delay rentals were paid on the Onyx and Raupe leases b. Late in 2019, the company abandoned the Onyx lease and two of the individually insignificant leases, which cost a total of $8,000 when acquired The Raupe lease is now considered to be a very valuable lease, becausea large producer was found on adjacent property c. At year-end, the company still could not decide whether to complete or abandon the well on the Richards lease, and both criteria for delaying classification of the well were no longer met REQUIRED: Prepare journal entries for the above transactions