Ghadeer Oil Company begin operations in 2019 using full cost method approach to record transactions. The following transactions were completed in 2019 and 2020. Date 1/1/19 Lease A $20,000 Lease B $15,000 Lease C $30,000 15/1/19 $120,000 Items Acquisition cost G & G Cost- indirect G & G cost- direct Drilling cost $145,000 $167,000 16/1/19 $30,000 $70,000 $50,000 4/2/19 None Well 1 (exploratory) Well 1 (exploratory) IDC: $120,000 LWE: $100.000 IDC: $250,000 LWE: $200,000 31/121/19 Drilling result None Well dry $4,000 1/1/20 6/6/20 None Delay rental Drilling Cost Drilling uncompleted None IDC: $150,000 LWE: $80,000 Found proved reserves 31/12/20 Drilling result Abandoned lease 31/12//19 Drilling result None Well dry 1/1/20 6/6/20 Delay rental Drilling Cost $4,000 None Drilling uncompleted None IDC: $150,000 LWE: $80,000 Found proved reserves 31/12/20 Drilling result Abandoned lease The journal entry for Lease C on December 31,2020 include O A. A credit to unproved property of $80,000 OB. A debit to well and equipment of $220,000 OC. A debit to dry hole expenses of $220,000 OD. A debit to abandoned cost of $30,000