questions 10-12, 14,17-18 answers need , please help
\fIn acquiring and exploring following additional costs: Shooting rights ..................................... $ 8,000 Salaries for G&G exploration activities .................. 40,000 Mapping costs for exploration activities ................. 10,000 Salary of in-house lawyer working on lease acquisition ..... 10,000 Minor repairs of G&G exploration equipment ............ 500 Salaries of Iandmen working on lease acquisition ......... 30,000 a. What was the total nondrilling ex the year? b. What was the surrendered lease expense? 0. How much was capitalized as unproved property for Lease B? Hint: Some of these costs must be allocated to the individual leases on some reasonable basis. ploration expense for all three leases for 13. On October 15, 2018, Richards Oil Corporation acquired a lease for $600,000. Richards decided not to drill on the lease during the rst year. Wishing to retain the lease, Richards paid a delay rental of $5,000 on October 15, 2019. During November and December of 2019, three dry holes were drilled on surrounding leases. Based on the dry holes, Richards' management decided that the lease was and Gas Company owned the following unproved prom\"? as of the end of2019: Signicant Leases Individually Insignificant Leases M $350,000 JETm Lease B 400,000 Lease D 000 \"\"31 $750900 Lease E Lease F (21mm - . . R 5 Acquisition Cast of Unproved Pmpern-Successd EEO-'15 ' '47 REQUIRED: Prepare journal entries for the two leases. Tharp Energy Purchased land in fee for $100,000. The fair market values of the surface and mineral nghts were determined by a qualied appraiser as follows: Surface rights 3 80,000 Mineral rights will) 3 120,000 REQUIRED: Prepare a journal entry to record the purchase. . Frank Oil Company acquired the following three unexplored leases: July 1. 2018: Lease A $400,000 August 15, 2018: Lease B 200,000 October 10, 2018: Lease C 300,000 All the leases are classied as individually signicant. a. On December 31, 2018, Lease A is determined to be 40% impaired. Lease B and Lease C are not impaired. b. On December 31, 2019, Lease A is determined to be impaired a total of 70%, and Lease C, 60%. Lease B is not impaired. c. On December 31, 2020, Lease A is considered to be 100% impaired and is abandoned. Lease B is 30% impaired, and a well on Lease C found proved reserves. REQUIRED: Prepare journal entries for all of the above transactions except the initial purchase. 19. Placid Oil Corporation purchased an offshore lease costing $3,000,000 with 5,000 total acres. Proved reserves are found on a 1,000-acre tract that is included in the 5,000 acres. Management decides to reclassify only the proved area acreage. REQUIRED: Prepare the entry to reclassify the acreage. 20. Duncan Corporation leased 3,000 unexplored acres, paying a lease bonus of $160/acre. Delay rentals are specied at a rate of Waters. The lease also specied that Duncan Corporation could abandon the lease in LOGO-acre portions. At the end of year 1, Duncan Corporation abandoned 2,000 acres and paid a delay rental on the remainder. REQUIRED: Prepare journal entries for the above activities
