1. Juniper Oil Company incurred the following revenue and costs during 2020.

Acquisition Costs lease bonus on a 1,500-acre lease. $55/Acre

G&G Costs $75,000

Exploratory dry holes$1,200,000

Successful exploratory holes. $450,000

Development wells, dry. $225,000

Development wells, successful.. $525,000

Cost of production facilities $250,000

Production Costs. $75,000

Depreciation, depletion and amortization (DD&A) .. $45,000(SE)

$110,000(FC)

Accumulated DD&A. $175,000(SE)

$350,000(FC)

Revenue from the sale of oil.. $450,000

REQUIRED:

1. Prepare the 2020 income statements for Juniper using the SE and FC method of accounting.
2. Prepare the 2020 partial balance sheets for Juniper using the SE and FC method of accounting.