Hays Oil Company had the following transactions during the year: a. Acquired an undeveloped lease, $55,000 b. Paid a drilling contractor as follows: Footage rate for drilling.. Equipment costs (casing). Equipment costs (tanks, flow lines, and labor to install equipment).. c. Paid costs in evaluating the well, $20,000 d. Completion costs for fracturing and perforating, $25,000 $250,000 75,000 50,000 REQUIRED: Record the transactions.