Jupiter Oil Company had the following transactions in 2022. Record the transactions

Acquired a undeveloped lease for $200,000.

Paid a drilling contractor as follows:

Footage rate for drilling $1,250,000

Equipment costs (casing) $375,000

Equipment costs (tanks, flow lines, and labor to install equipment) $400,000

Paid costs of evaluating the well, $200,000

Completion cost for perforating and fracturing $125,000