March 9 June 1 June 28 Successful exploratory well costs... 5. Unger Petroleum Company incurred the following costs during 2018: ...... $120,000 February 3 Cost of G&G activities to locate an oil prospect.. Acquisition costs for a 500-acre lease: lease bonus $60/acre; other costs incurred in acquiring the property... Dry-hole costs of an exploratory well. 3,000 324,000 418,000 August 27 Cost of production facilities such as flow lines and separators 225,000 September 5 Production costs 81,000 REQUIRED: Prepare journal entries for the above transactions using the full cost method of accounting. Libby Petroleum incurred the following costs during 2019: $82,000