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Cassady has the following capitalized costs related to unproved Lease One (600 acres) $40,000. Cassady...

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Accounting

Cassady has the following capitalized costs related to unproved Lease One (600 acres) $40,000. Cassady negotiated a new lease on Lease One immediately following the end of the primary term, paying a lease bonus of $150/acre.

Group of answer choices

A. Debit Unproved Property $40,000; Credit Cash $40,000

B. Debit Surrendered Lease Expense $40,000; Credit Cash $40,000

C. Debit Proved Property $90,000; Credit Cash $90,000

D. Debit Surrendered Lease Expense $40,000; Credit Unproved Property $40,000; and Debit Unproved Property $90,000; Credit Cash $90,000

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