Hays Oil Company had the following transactions during the year: a. Acquired an undeveloped lease, $55,000 b.

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Hays Oil Company had the following transactions during the year:

a. Acquired an undeveloped lease, $55,000

b. Paid a drilling contractor as follows:

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c. Paid costs in evaluating the well, $20,000

d. Completion costs for fracturing and perforating, $25,000 REQUIRED: Record the transactions.

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