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 $250,000 Equipment costs (casing) 75,000 Equipment costs (tanks, flow lines, and labor to install equipment) 50,000 c. Paid costs in evaluating the well, $20,000 d. Completion costs for fracturing and perforating, $25.000 Account Debit Item Credi SP 55000 Unproved property 55000 Cash a 250000 b Wells-in-progress-L&WE X 125000 b Wells-in-progress-IDC b 375000 Production expense X 125000 Wells in progress-IDG 2000 Cash 2000 d Wells-in-progress-IDC 295000 d Wells-in-progress-L&WE X 125000 d Wells-in-progress-L&WE 295000 d. Wells-in-progress-IDC 125000 d Cash * 295000 d Wells-in-progress-L&WE X 55000 d Proved property > 55000 d Unproved property 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 $250,000 Equipment costs (casing) 75,000 Equipment costs (tanks, flow lines, and labor to install equipment) 50,000 c. Paid costs in evaluating the well, $20,000 d. Completion costs for fracturing and perforating, $25.000 Account Debit Item Credi SP 55000 Unproved property 55000 Cash a 250000 b Wells-in-progress-L&WE X 125000 b Wells-in-progress-IDC b 375000 Production expense X 125000 Wells in progress-IDG 2000 Cash 2000 d Wells-in-progress-IDC 295000 d Wells-in-progress-L&WE X 125000 d Wells-in-progress-L&WE 295000 d. Wells-in-progress-IDC 125000 d Cash * 295000 d Wells-in-progress-L&WE X 55000 d Proved property > 55000 d Unproved property