Unger Petroleum Company incurred the following costs during 2018:

3-Feb 9-Mar

Cost of G&G activities to locate an oil prospect

Acquisition costs for a 750 acre lease: lease bonus

75 per acre; other costs incurred in acquiring the property

Dry-hole costs of an exploratory well

Successful exploratory well costs

Cost of production facilities such as flow lines and separators

Production costs

Prepare journal entries for the above transactions using the successful efforts method of accounting.

June 1 June 28 August 27 5-Sep

200,000

3,000 324,750 327,000 215,000 72,000