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Unger Petroleum Company incurred the following costs during 2018: February 3 Cost of G&G activities to locate an oil prospect $120,000 March 9 Acquisition costs
Unger Petroleum Company incurred the following costs during 2018: February 3 Cost of G&G activities to locate an oil prospect $120,000 March 9 Acquisition costs for a 500-acre lease: lease bonus $60/acre; other costs incurred in acquiring the property $3,000 June 1 Dry-hole costs of an exploratory well $324,000 June 28 Successful exploratory well costs $418,000 August 27 Cost of production facilities such as flow lines and separators $225,000 September 5 Production costs $81,000 REQUIRED For the above transactions, setup and match the journal entry titles to their respective amounts for the above transactions using the successful efforts method of accounting. DRAG AND DROP TO MATCH, February 3 March 9 June 1: line 29 June 28 Aug 27 September 5: G&G Expense Cash Unproved property Dry-hole expense Wells and equipment Proved property Production expense 120.000 33.000 324,000 || 418.000 81,000 225,000
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