During 2018, Longhorn Petroleum made the following transactions relating to test well contributions: a. Contracted with King Energy Corporation, agreeing to pay $80,000 if a well was drilled on Garth's lease to a depth of 20,000 feet. b. Contracted to pay Richards Oil Company $65.000 if a well being drilled on Varsity's property was dry. c. Agreed to pay Carnegie Oil Company $110,000 if a well being drilled reached a depth of 9,000 feet Results from the above transactions were the following: a. Because of mechanical difficulty, the King well was abandoned at 9,500 feet. b. The Richards well was dry. c. The Carnegie well was completed as a producer at 12,000 feet. REQUIRED: Prepare entries for the above transactions, assuming Longhorn Petroleum fulfilled its contractual obligations. For numerical answers: (1) DO NOT use commas to separate thousands places in numerical answers (2) use a minus sign to indicate negative numbers.(3) DO NOT use dollar signs, (4) amounts should be entered from smallest (at top of the entry line items) to largest (at bottom of the entry), which is ascending order (5y for no entry amounts, enter a zero. Item Account Debit Credit a > a 1 b b .