1. Prepare Income Statements under Successful Efforts (SE) and Full Cost (FC) accounting methods for Dylon Oil Company based on the revenue and costs for fiscal year 2019 as presented below. (10) pts)

Revenue $14,600,000

G&G Costs $ 600,000

Acquisition Costs $ 2,000,000

Exploratory Dry Holes $ 4,000,000

Successful Exploratory Wells $ 3,000,000

Development Wells, Dry $ 1,000,000

Development Wells, Successful $ 800,000

Production Facilities $ 700,000

Production/Lifting Costs $ 100,000

Amortization for 2019 SE $ 200,000

Amortization for 2019 FC $ 400,000