QUESTION 16 On September 1, 2020, Zahra Oil and Gas Corporation agreed to conduct G&G studies and other exploration activities on a lease owned by Wateen Energy Company in exchange for an interest in the property if proved reserves are found. If proved reserves are not found, Zahra will be reimbursed for costs incurred. Assume that on January 15, 2021, Zahra incurred $300,000 of exploration cost and proved reserves are not found. Which of the following entry is correct? OA A credit to receivable of $300,000 on January 15 OB. A debit to prove property of $300,000 on January 15 OC. A debit to cash of $300,000 on September 1 OD. A credit to cash of $300,000 on January 15