The following costs relate to Good Luck Lease as of 12/31/20: During early January of 2021, Well
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The following costs relate to Good Luck Lease as of 12/31/20:
During early January of 2021, Well No. 2 quit producing and was abandoned. In March 2021, Well No.1 quit producing, and the well and the lease were abandoned.
REQUIRED: Prepare journal entries for the abandonments.
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