Kincaid Oil Company’s balance sheet, at 12/31/18, included unproved property account balances as follows:

During 2019, the following events related to the above unproved properties occurred:

a. Lease A is abandoned.

b. Lease B is surrendered.

c. Leases G & F (individually insignificant) in the amounts of $4,500 and $3,000, respectively, are abandoned.
REQUIRED: Prepare the necessary entries.

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Lease A Lease B Lease C Individually insignificant (Leases D-J) Cost Allowance for Impairment $ 50,000 $ 10,000 80,000 20,000 120,000 0 200,000 $135,000