FuturePetro Holdings owned the following unproved property as of the end of 1990.

Significant Leases		Insignificant Leases
Lease S	$500,000	Lease T	$70,000
Lease U	$350,000	Lease V	$50,000
Total	$850,000	Lease W	$40,000
		Lease X	$30,000
		Total	$190,000

Although no activity took place on Lease S during the year, FuturePetro decided that Lease S was not impaired because there were still four years left in that lease’s primary term. Two dry holes were drilled on Lease U during the year; but because FuturePetro intended to drill one more well on Lease U in the coming year, it decided that Lease U was only 50% impaired. With respect to the insignificant leases, past experience indicates that 68% of all unproved properties assessed on a group basis will eventually be abandoned. FuturePetro’s policy is to provide at year-end an allowance equal to 65% of the gross cost of these properties. The allowance account had a balance of $25,000 at year end. Give the entries to record impairment, prepare the general ledger, and calculate the earnings per share.