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During 2019, Chadax Oil Company obtained the following leases: Lease Acres A 5,000 B 4,000...

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Accounting

During 2019, Chadax Oil Company obtained the following leases:

Lease Acres

A 5,000

B 4,000

After obtaining these leases, Chadax Oil Company incurred shooting rights on Leases A and C at $1.25 /acre

and incurred the following costs:

Salaries for exploration activities $70,000

Mapping costs for exploration activities 35,000

Minor repairs of G&G exploration equipment 1,500

image During 2019, Chadax Oil Company obtained the following leases: After obtaining these leases, Chadax Oil Company incurred shooting rights on Leases A and C at $1.25 /acre and incurred the following costs

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