opts 12. Lynx Oil Company is a lease acquisition company and acquires numerous leases each year. In computing impairment, Lynx groups individually insignificant properties acquired by acquisition year. All leases acquired in 2021 were considered individually insignificant and the total cost of the leases acquired equaled $500,000. In the past, Lynx has abandoned 40% of all individually insignificant properties acquired as a result of a lack of success finding oil or gas. It takes Lynx Oil Company an average of 4 years to determine whether a property will be proved or abandoned. Record the impairment entry for 2021 using the average holding period approach. Edit View Insert Format Tools Table 12pt Paragraph BIUA 2 T