please answer the questions below. all informatuon given is provided. thank you!

this is all the information i was given. this is oil and gas accountinf

23. In 2019, Lori Jerin leased the mineral rights in a property in Wyoming, agreeing to a 25% royalty. The joint working interest in the property is owned by the following companies: Company: WI Donna Company 60% Jones Oil 30% HC Inc. 10% In 2020, a successful exploratory well was drilled on the property. On December 31, 2021, the property was producing. On that date, total proved reserves are esti- mated to be 1,400,000 barrels, and total proved developed reserves are estimated to be 200,000 barrels. Total production during 2021 was 60,000 barrels. REQUIRED: a. Compute the proved reserves and proved developed reserves that belong to the working interest and royalty interest owners. b. Determine the production that each of the working interest owners would use in computing DD&A. ... 24. The following costs relate to Lease A as of 12/31/18: Proved property $ 80,000 Accumulated DD&A-proved property 40,000 Well No. 1: Wells and equipment 500,000 Well No. 2: Wells and equipment 360,000 Accumulated DD&A--L&WE.. 600,000 In January, 2019, Well No. 1 ceased production and was abandoned. In June 2019, Well No. 2 ceased production, and the well and the lease were abandoned. REQUIRED: Prepare journal entries for the abandonments. 13. Payne Oil Company began operations during 2019. The following information is as of 12/31/19 and early 2020. Expense lifting costs as lease operating expense. Transactions, 2019 Lease A Lease B Lease C *a. Acquisition costs of unde- veloped leases (1/8 RI) $ 60,000 $ 30,000 $ 40.000 *b. G&G costs 60,000 50,000 90,000 *c. Drilling costs 200,000 230,000 250,000 d. Drilling results: Drilling Drilling Drilling not completed completed; dry completed Proved reserves 700,000 bbl Proved developed reserves 300,000 bbl (as of 12/31) e. Production 10,000 bbl f. Lifting costs $ 250,000 g. December 31 Recorded DD&A Impaired lease 40% Transactions, 2020 h. Assume on January 2 of the second year (2020) that disaster struck both Lease A and Lease B. Give the entries to record abandonment of Lease A and Lease B. Assume equipment costing $15,000 was salvaged from Lease A. Assume this is not a post-balance sheet event that would give rise to changes in the balance sheets or income statements of previous years. *May combine entries for different leases. REQUIRED: From the data, (1) prepare entries, and (2) prepare an income statement for Payne Oil Company for 2019, assuming revenue to the company from oil sales is $1,200,000. 7. Chavez Petroleum's lease in Wyoming produces both oil and gas. Additional REQUIRED: Compute DD&A for 2018. information as of 1/1/19 follows: IDC...... $900,000 Proved property costs, net. 100,000 L&WE.. 300,000 Beginning of year accumulated DD&A 50,000 Estimated proved reserves, 12/31/19 Oil .. 200,000 bbl Gas 1,000,000 Mcf Production during 2019 Oil .... 10,000 bbl Gas... 300,000 Mcf REQUIRED: Compute amortization assuming the lease is fully developed: a. Assuming oil is the dominant mineral b. Using a common unit of measure based on BOE 8. During 2018, Libby Oil and Gas Company completed the last well from its drilling and production platform off the coast of Texas. Unrecovered costs not including decommissioning costs on December 31, 2018, were $25 million, including $5 million in acquisition costs and $20 million in drilling and development costs. Total proved developed reserves were estimated to be 600,000 barrels as of January 1, 2018. Production during 2018 was 30,000 barrels . At the end of the life of the reservoir, decommissioning costs are estimated to be $14 million, and salvage value is estimated to be $1 million. 23. In 2019, Lori Jerin leased the mineral rights in a property in Wyoming, agreeing to a 25% royalty. The joint working interest in the property is owned by the following companies: Company: WI Donna Company 60% Jones Oil 30% HC Inc. 10% In 2020, a successful exploratory well was drilled on the property. On December 31, 2021, the property was producing. On that date, total proved reserves are esti- mated to be 1,400,000 barrels, and total proved developed reserves are estimated to be 200,000 barrels. Total production during 2021 was 60,000 barrels. REQUIRED: a. Compute the proved reserves and proved developed reserves that belong to the working interest and royalty interest owners. b. Determine the production that each of the working interest owners would use in computing DD&A. ... 24. The following costs relate to Lease A as of 12/31/18: Proved property $ 80,000 Accumulated DD&A-proved property 40,000 Well No. 1: Wells and equipment 500,000 Well No. 2: Wells and equipment 360,000 Accumulated DD&A--L&WE.. 600,000 In January, 2019, Well No. 1 ceased production and was abandoned. In June 2019, Well No. 2 ceased production, and the well and the lease were abandoned. REQUIRED: Prepare journal entries for the abandonments. 13. Payne Oil Company began operations during 2019. The following information is as of 12/31/19 and early 2020. Expense lifting costs as lease operating expense. Transactions, 2019 Lease A Lease B Lease C *a. Acquisition costs of unde- veloped leases (1/8 RI) $ 60,000 $ 30,000 $ 40.000 *b. G&G costs 60,000 50,000 90,000 *c. Drilling costs 200,000 230,000 250,000 d. Drilling results: Drilling Drilling Drilling not completed completed; dry completed Proved reserves 700,000 bbl Proved developed reserves 300,000 bbl (as of 12/31) e. Production 10,000 bbl f. Lifting costs $ 250,000 g. December 31 Recorded DD&A Impaired lease 40% Transactions, 2020 h. Assume on January 2 of the second year (2020) that disaster struck both Lease A and Lease B. Give the entries to record abandonment of Lease A and Lease B. Assume equipment costing $15,000 was salvaged from Lease A. Assume this is not a post-balance sheet event that would give rise to changes in the balance sheets or income statements of previous years. *May combine entries for different leases. REQUIRED: From the data, (1) prepare entries, and (2) prepare an income statement for Payne Oil Company for 2019, assuming revenue to the company from oil sales is $1,200,000. 7. Chavez Petroleum's lease in Wyoming produces both oil and gas. Additional REQUIRED: Compute DD&A for 2018. information as of 1/1/19 follows: IDC...... $900,000 Proved property costs, net. 100,000 L&WE.. 300,000 Beginning of year accumulated DD&A 50,000 Estimated proved reserves, 12/31/19 Oil .. 200,000 bbl Gas 1,000,000 Mcf Production during 2019 Oil .... 10,000 bbl Gas... 300,000 Mcf REQUIRED: Compute amortization assuming the lease is fully developed: a. Assuming oil is the dominant mineral b. Using a common unit of measure based on BOE 8. During 2018, Libby Oil and Gas Company completed the last well from its drilling and production platform off the coast of Texas. Unrecovered costs not including decommissioning costs on December 31, 2018, were $25 million, including $5 million in acquisition costs and $20 million in drilling and development costs. Total proved developed reserves were estimated to be 600,000 barrels as of January 1, 2018. Production during 2018 was 30,000 barrels . At the end of the life of the reservoir, decommissioning costs are estimated to be $14 million, and salvage value is estimated to be $1 million