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ley basis to 9,000 feet. The contractor's charge was $300,000, which included 540,000 for "casing. At the end of 2006 , a decision had not been made to complete or abandon the well. A major capital expenditure was not required. 8. At the end of 2006 , the Johnson lease was impaired by 40% and the Ewing lease by 20%. The company has a policy of maintaining an allowance for impairment equal to 60% of individually insignificant leases. 2007 a. Delay rentals were paid on the Ewing and Johnson leases. b. Late in 2007, the company abandoned the Ewing lease and two of the individually insignificant leases, which cost a total of $8,000 when acquired. The Johnson lease is now considered to be a very valuable lease because a large producer was found on adjacent property. c. At year-end, the company could still not decide whether to complete or abandon the well on the Ebert lease. Prepare journal entries for the above transactions