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14. Steven Energy Company entered into the following test-well contribution agreements: a. On June 2, 2018, a bottom-hole contribution agreement was obtained requiring a payment of $80,000 when the contract depth of 14,000 feet was reached. The contract depth was reached on September 21, 2018, and the required payment was made. 7* b. On July 28, 2018, a dry-hole test-well centribution was entered into, requiring payment of $64,000 if the well was dry but no payment if the well was successful 1) Assume the well is successful. 2) Assume the well is dry. REQUIRED: Prepare necessary entries for the above transactions. Testimoni 8. The following costs incurred by the exploration department of Matrix Energy Corporation during 2018. Shooting rights .... $ 25,000 Bottom-hole contribution 43,000 Supplies for exploration (G&G) activities. 9,000 Mapping costs for exploration (G&G) activities 29,000 Salaries for exploration (G&G) activities.... 190,000 Depreciation of exploration (G&G) equipment. 10,000 Transportation for seismic crew... 6,000 Operating costs for exploration (G&G) equipment. 8,000 REQUIRED: Give the entries to record these transactions. 9. Bartz Oil Company acquired the shooting rights on 25,000 acres at a cost of $1.00/acre on June 1, 2019. Bartz contracted and paid $98,000 for a reconnaissance survey during 2019. As a result of this broad exploration study, Lease A and Lease B were leased on January 23, 2020. (Ignore acquisition costs.) Detailed surveys costing a total of $41,000 were done during January and February on the leases. During July, Bartz entered into two test-well contribution agreements: a bottom- hole contribution agreement for $15,000, with a specified depth of 11,000 feet, and a dry-hole contribution of $20,000, also with a specified depth of 11,000 feet. In November, both wells were drilled to 11.000 feet. The well with the bottom-hole contribution was successful, but the well with the dry-hole contribution was dry. The cost for maintaining land and lease records allocated to these two proper- ties for 2020 was $2,000. Ad valorem taxes were assessed on Bartz's economic interest in both properties, amounting to $2,500 for 2020. In April 2021, Bartz made the decision to go ahead and drill a well on Lease B. Before drilling the well, costs of $17.000 were incurred to successfully defend a title suit concerning Lease B. REQUIRED: Give all entries necessary to record these transactions. Assume any necessary delay rental payments were made