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On December 31, 2020, the account for Michael Oil Company's individually insignificant unproved properties had a balance of $850,000. The impairmen allowance account had a balance of $60,000 Required: Give the entries for each of the following transactions occurring in 2020 and 2021 (all transactions concern individually insignificant unproved leases) a Assuming Michael has a policy of maintaining a 48% allowance, i.e. 48% of gross unproved properties, give the entry to record impairment on December 31, 2020. b. During 2021, Michael surrendered leases that cost $220,000 c. During 2021, leases that cost $48,000 were proved. d. Give the entry to record impairment on December 31, 2021