The following costs relate to Lease A as of 12/31/18: In January, 2019, Well No. 1 ceased

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The following costs relate to Lease A as of 12/31/18:

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In January, 2019, Well No. 1 ceased production and was abandoned. In June 2019, Well No. 2 ceased production, and the well and the lease were abandoned.

REQUIRED: Prepare journal entries for the abandonments.

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