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5. Basic Petroleum, a new company using the successful efforts method of accounting, began operations in 2018 with the acquisition of four undeveloped leases, all individually significant. 2019 Delay rentals* embe Year Transaction Lease A Lease B Lease C Lease D 2018 Shooting rights* 68 Gyepono $35,000 None None $30,000 G&G costs, broad expense 56,000 None None 80,000 Lease bonuses *oquhen tim Cost 30,000 $40,000 $60,000 50,000 G&G costs, detailed* 6, 6 expa2-70,000 30,000 40,000 35,000 Dry-hole contributions paid*est 20.000 ense None None 25,000 Legal costs, title exams*acquiritum 1,000 5,000 4,000 10,000 Legal costs, title defense experse None None 39,000 None Delinquent taxes in contract and nonrecoverable) acquistian (25.0 25,000 None None None Dec 31 Impairment Bs dis 10% 25% 40% 2,000 10,000 3,000 8,000 2 Property tax* 3,000 None 5,000 None Miscellaneous Abandoned Drilled & + 10% lease found oil Impaired REQUIRED: Give the entries assuming the preceding transactions. For simplicity, you may combine entries for the different leases for all items marked with an asterisk (*). 6. On December 31, 2018, the account for Drake Oil Company's individually insig- nificant unproved properties had a balance of $800,000. The impairment allow- ance account had a balance of $75,000. REQUIRED: Give the entries for each of the following transactions occurring in 2018, 2019, and 2020. (All transactions concern individually insignificant unproved leases.) a. Assuming Drake has a policy of maintaining a 55% allowance, i.e., 55% of gross unproved properties, give the entry to record impairment on December 31, 2018. b. During 2019, Drake surrendered leases that cost $300,000. c. During 2019, leases that cost $50,000 were proved. d. During 2019, leases costing $310,000 were acquired. e. Give the entry to record impairment on December 31, 2019. f. During 2018, leases costing $428,000 were surrendered. 9. Contender Oil Corporation obtained shooting rights only for $10,000 on 5,000 acres owned by Mr. See. Contender also obtained shooting rights coupled with an option to lease for $12,000 on 4,000 acres owned by Mr. Que. The 4,000 acres owned by Mr. Que are located adjacent to the 5,000 acres owned by Mr. See. Ignore any other acquisition costs. REQUIRED: a. Give the entries to record the rights obtained, assuming there is no apportionment of the cost between the option and the shooting rights. b. Give the entry to record the rights obtained from Mr. Que, assuming instead that the $12,000 was apportioned between the option and the shooting rights. c. Give the entry to record the leasing of all 4,000 of Mr. Que's acres, assuming that the original cost of $12,000 was not apportioned between the option and the shooting rights d. Give the entry to record the sensing of only 1,000 acres from Mr. Que, again assuming that the original cost of $12,000 was not apportioned. Also assume Contender Oil Company did not apportion the amount in the suspense account based on the acreage leased. e. Give the entry to record the leasing of 1,000 acres from Mr. Que, assuming that the original cost of $12,000 was not apportioned. Assume that Contender Oil Corporation apportioned the amount in the suspense account based on relative acreage leased. 17. Tharp Energy purchased land in fee for $100,000. The fair market values of the surface and mineral rights were determined by a qualified appraiser as follows: Surface rights $ 80,000 Mineral rights 40,000 $120,000 REQUIRED: Prepare a journal entry to record the purchase