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Gusher Oil Company uses the FC method of accounting and has the following account balances...

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Accounting

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Gusher Oil Company uses the FC method of accounting and has the following account balances at 12/31/14: Unproved property - Lease A $ 70,000 Unproved Property - Group 350,000 Allowance for impairment, group 15,000 On 12/31/14, Lease A is considered to be 30% impaired. Gusher Company's estimated abandonment rate of insignificant unproved properties is 60% (ie the impairment rate is 60%). Required: Prepare the entries to record the impairment

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