Neptune Petroleum owned the following unproved property at 12/31/75:

• Significant Leases:
   Lease A: $450,000, Impairment: $230,000
   Lease B: $680,000, Impairment: $250,000
• Insignificant Leases:
   Lease C: $90,000
   Lease D: $75,000
   Lease E: $70,000
   Lease F: $60,000
   Total Cost: $295,000, Total Impairment: $90,000

Requirement:
 Prepare journal entries for 2076, assuming the following events:
 a. Lease A was sold for $460,000.
 b. Lease B was impaired by an additional $20,000.
 c. Proved reserves were found on Lease E and Lease F.