Libby petroleum incurred and paid the following costs during 2019:

Acquisition costs Well type Drilling costs: Drilling contractor's charges-day-rate Casing Production equipment Well logs Drilling results Lease A Unproved 180,000 30,000 Lease B Unproved A $ 30,000 $ 35,000 Exploratory Exploratory Development Development Lease C Proved Purchased in 2019 200,000 $160,000 35,000 28,000 75,000 15,000 10,000 Well dry; Found proved abandon lease reserves REQUIRED: Record the above transactions. Lease D Proved Purchased in 2019 12,000 Well dry $190,000 22,000 80,000 14,000 Found proved reserves