Basic Petroleum, a new company using the successful efforts method of accounting, began operations in 2018 with the acquisition of four undeveloped leases, all individually significant.

Transaction Lease A Year 2018 Shooting rights Lease B Lease C Lease D $35,000 None None $30,000 56,000 None None 80,000 30,000 $40,000 $60,000 50,000 70,000 30,000 40,000 35,000 Dry-hole contributions paid* 20,000 None None 25,000 1,000 5,000 4,00010,000 None None 39,000None G&G costs, broad* Lease bonuses G&G costs, detailed* Legal costs, title exams* Legal costs, title defense Delinquent taxes (in contract and nonrecoverable) 25,000 None None None Dec 31 Impairment 2019 Delay rentals* 10% 25% 40% 2,000 10,000 3,000 8,000 3,000 None 5,000 None Property tax* Miscellanedo Abandoned Drilled& lease found oil +10% Impaired REQUIRED: Give the entries assuming the preceding transactions. For simplicity, you may combine entries for the different leases for all items marked with an asterisk (). Transaction Lease A Year 2018 Shooting rights Lease B Lease C Lease D $35,000 None None $30,000 56,000 None None 80,000 30,000 $40,000 $60,000 50,000 70,000 30,000 40,000 35,000 Dry-hole contributions paid* 20,000 None None 25,000 1,000 5,000 4,00010,000 None None 39,000None G&G costs, broad* Lease bonuses G&G costs, detailed* Legal costs, title exams* Legal costs, title defense Delinquent taxes (in contract and nonrecoverable) 25,000 None None None Dec 31 Impairment 2019 Delay rentals* 10% 25% 40% 2,000 10,000 3,000 8,000 3,000 None 5,000 None Property tax* Miscellanedo Abandoned Drilled& lease found oil +10% Impaired REQUIRED: Give the entries assuming the preceding transactions. For simplicity, you may combine entries for the different leases for all items marked with an asterisk ()