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Revenue and costs for Gravity Petroleum for the year 2019 are presented below Revenue $ 600,000 G&G costs $ 600,000 Acquisition costs $2,000,000 Exploratory dry

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Revenue and costs for Gravity Petroleum for the year 2019 are presented below Revenue $ 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 costs $100,000 Successful efforts (SE) Full cost FC) Amortization for 2019 $200,000 $400.000 Accumulated DD&A $500,000 $700,000 REQUIRED: Prepare income statements for a successful efforts (SE) company and a full cost (FC) company for numerical answers. (1) DO NOT Use commas to separate thousands places de numental answers (2) use a minus sign to indicate negative numbers (3) DO NOT use dalla signs (4) eze sifon blanks INCOME STATEMENTS SUCCESSFUL EFFORTS FULL COST . e

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