The following costs for Davison Lease were all incurred during 2020.

Acquisition Costs…................................................................................................. $30,000 

G&G Costs….......................................................................................................... $80,000 

Exploratory dry holes…........................................................................................ $1,500,000 

Successful exploratory holes…............................................................................. $350,000 

Development wells, dry….................................................................................... $200,000 

Development wells, successful…......................................................................... $475,000 

Cost of production facilities….............................................................................. $250,000 

Production costs…................................................................................................ $60,000 

DD&A*….............................................................................................................. $55,000 

Accumulated DD&A…........................................................................................ $150,000 

Revenue from sale of oil…................................................................................... $225,000 * 

Depreciation, depletion, and amortization 

REQUIRED: 

Prepare the 2020 income statements and unclassified partial balance sheets for a successful efforts (SE) company.