Ocean Oil Company owned the following unproved property at 12/31/49:

Significant Leases	Cost	Impairment	Insignificant Leases	Cost	Total Impairment
Lease A	$350,000	$140,000	Lease C	$25,000
Lease B	$460,000	$130,000	Lease D	$30,000
			Lease E	$20,000
			Lease F	$15,000
				$90,000	$38,000

Requirement:
 Prepare journal entries for 2050, assuming the following events:
 a. Proved reserves were found on Lease A and Lease B.
 b. Lease D was abandoned.
 c. Lease E was sold for $25,000.