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Gravity energy obtained a three-year lease on 2000 acres on May 2, 2017, that contained...

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Accounting

Gravity energy obtained a three-year lease on 2000 acres on May 2, 2017, that contained a $4/acre delay rental clause. Drilling operations were started on June 15, 2019, and completed on October 16, 2019. the well, determined to be dry, was plugged and abandoned. No further drilling operations were started during the primary term. All required delay rentals were paid.

Required: Give all journal entries relating to the delay rental requirement.

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