Unger Petroleum Company incurred the following costs during 2020: 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:

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