Accumulated DD&A-proved property.. The following costs relate to Lease A as of 12/31/18: Proved property $ 80,000 40,000 500.000 Well No. 1: Wells and equipment Well No. 2: Wells and equipment Accumulated DD&AL&WE.. In January, 2019, Well No. 1 ceased production and was abandoned. In June 2019. Well No. 2 ceased production, and the well and the lease were abandoned. ... 360,000 ... 600,000 REQUIRED: Prepare journal entries for the abandonments.