Exercise 10-34 (Algo) Full-cost and successful efforts methods compared [Appendix 10] The Manguino Oil Company incurred exploration costs in 2021 searching and drilling for oil as follows: Well 101 $ 60,000 Well 102 70,000 Well 103 90,000 Wells 104108 360,000 Total $ 580,000 It was determined that Wells 104108 were dry holes and were abandoned. Wells 101, 102, and 103 were determined to have sufficient oil reserves to be commercially successful. Required: 1. Prepare a summary journal entry to record the indicated costs assuming that the company uses the full-cost method of accounting for exploration costs. All of the exploration costs were paid in cash. 2. Prepare a summary journal entry to record the indicated costs assuming that the company uses the successful efforts method of accounting for exploration costs. All of the exploration costs were paid in cash. (For all requirements, if no entry is required for a transaction/event, select "No journal entry required" in the first account field.).