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Hightower Oil Company has the following account balances at 12/31/2020: Lease A: unproved property.. Lease B: proved property.. Wells and equipment IDC... Wells and

Hightower Oil Company has the following account balances at 12/31/2020: Lease A: unproved property.. Lease B: proved property.. Wells and equipment IDC... Wells and equipment - L&WE.. $75,000 50,000 340,000 190,000 These properties were abandoned in 2021. Required: Record the abandonment entry assuming abandonment does not significantly affect the amortization per unit.

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