QUESTION 12 Use the following information for Question 11-12 Raghad Oil Company, a small company exploring oil and gas incurred the following cost during 2020 January 1 Acquisition cost for a 5,000 acres lease: lease bonus at $50/acre February 2 Paid $500,000 for G&G cost June ) Dry hole cost of an exploratory well of $400,000 September 1 Successful exploratory well cost of $320,000 November 1 Cost of production facilities of $250,000 December 25 Production cost of $180,000 Under full cost efforts accounting, on September 1, which account will be debited and how much is the amount? A. Unproved property of $320,000 B. Production expenses of $320,000 C. Well and Equipment of $320,000 D.G&G Cost of $320,000