part A answer Well in progress IDC—$310,000 well in progress LW&E—-$42,000 cash $352,000…

 
   

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part A answer Well in progress IDC—$310,000
well in progress LW&E—-$42,000 cash $352,000
NEED HELP IN PART B!!!! 10 pts Question 5 During the calendar year, 2005 Gonzales Company had the following transactions on an unproved property. a. Drilled Morgan #1 with IDC costs of S310,000 and equipment cost of $42,000 b. The well was determined to be dry and was plugged and abandoned at a cost of $10,000. Salvaged equipment placed in inventory was valued at $8.000. Prepare journal entries for the transactions