Marvel Oil Corporation uses the full cost method of accounting. The following costs are incurred during 2019:

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Marvel Oil Corporation uses the full cost method of accounting. The following costs are incurred during 2019:

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During 2020, the following costs were incurred:
Delay rentals were paid on Lease A, $2,000, and Lease B, $3,000.
In the latter half of 2020, drilling operations were commenced on both leases, and costs were incurred as follows:

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REQUIRED: Record the above transactions.

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