The Manguino Oil Company incurred exploration costs in 2024 searching and dilling for oil as follows: It was determined that Wells 104-108 were dry holes and were abandoned. Wells 101, 102, and 103 were determined to have sufficlent oil reserves to be commercially successful. Required: 1. Prepare a summary journal entry to record the indicated costs assuming that the company uses the full-cost method of accounting for exploration costs. All of the exploration costs were paid in cash. 2. Prepare a summary journal entry to record the indicated costs assuming that the company uses the successfut efforts method of accounting for explorotion costs. All of the exploration costs were poid in cash. Note: For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet Record the entry for exploration costs using the full-cost method of accounting. Note Ender aetits before creans The Manguino OA Company incurred exploration costs in 2024 searching and drilling for oil as follows: It was determined that Wells 104-108 were dry holes and were abandoned. Wells 101, 102, and 103 were determined to have sufficient oil reserves to be commercially successful, Required: 1. Prepare a summary journal entry to record the indicated costs assuming that the company uses the full-cost mothod of accounting for exploration costs. All of the exploration costs were paid in cash. 2. Prepare a summary journal entry to record the indicated costs assuming that the company uses the successful efforts method of accounting for exploration costs. All of the exploration costs were poid in cash. Note: For all requirements, If no entry is required for a transection/event, select "No journal entry required" in the first account field. Journal entry worksheet hecord the entry for exploration costs using the successful efforts method of accounting. watei Enter debes before crests