Boomtimes Oil Company leased 900 acres of land on March 14, 2019. The lease calls for Boomtimes to pay an annual delay rental of $8 per acre if drilling hasn't commenced within 3 years. No drilling has occurred March 14, 2022. Boomtimes initially planned on surrendering the lease, however due to the recent upturn in oil prices has decided to pay the delay rental. Record the appropriate journal entry.

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