Eimraan Oil Company acquired the following three unexplored leases:

July 10, 2019 Lease A $550,000

August 18, 2019 Lease B $325,000

October 14, 2019 Lease C $425,000

All leases are classified as individually significant.

a. On December 31, 2019, Lease A is determined to be 65% impairment. Lease B and C are not impaired.

b. On December 31, 2020, Lease A is determined to be impaired a total of 85%, Lease C, 35% and Lease B is not impaired.

c. On December 31, 2021, Lease A is considered to be 100% impaired and abandoned. Lease B is 40% impaired and a well on Lease C found proved reserves.

Required:

Prepare journal entries for all of the above transactions except the initial purchase.