PetroFuture Inc. owned the following unproved property as of the end of 2014.

Significant Leases		Insignificant Leases
Lease W	$400,000	Lease X	$70,000
Lease Y	$300,000	Lease Z	$50,000
Total	$700,000	Lease A	$45,000
		Lease B	$25,000
		Total	$190,000

Although no activity took place on Lease W during the year, PetroFuture decided that Lease W was not impaired because there were still two years left in that lease’s primary term. Three dry holes were drilled on Lease Y during the year; but because PetroFuture intended to drill one more well on Lease Y in the coming year, it decided that Lease Y was only 50% impaired. With respect to the insignificant leases, past experience indicates that 68% of all unproved properties assessed on a group basis will eventually be abandoned. PetroFuture’s policy is to provide at year-end an allowance equal to 72% of the gross cost of these properties. The allowance account had a balance of $21,000 at year end. Give the entries to record impairment, prepare the general ledger, and calculate the earnings per share.