Galaxy Oil owned the following unproved property at 12/31/47:

• Significant Leases:
   Lease A: $400,000, Impairment: $150,000
   Lease B: $450,000, Impairment: $180,000
• Insignificant Leases:
   Lease C: $35,000
   Lease D: $25,000
   Lease E: $20,000
   Lease F: $15,000
   Total Cost: $100,000, Total Impairment: $45,000

Requirement:
 Prepare journal entries for 2048, assuming the following events:
 a. Lease A was abandoned.
 b. Lease B was sold for $470,000.
 c. Proved reserves were found on Lease E and Lease F.