Johnson Oil & Gas sold 12,500 BBLs of oil for the year 2018 at a price per BBL of $48. Revenues and costs for Johnson Oil & Gas are presented below:
Revenue $ 825,000
G&G Costs $ 650,000
Acquisition Costs $ 1,500,000
Exploratory dry holes $ 3,000,000
Successful exploratory wells $ 5,000,000
Development wells, dry $ 900,000
Development wells, successful $ 735,000
Production facilities $ 610,000
Production costs $ 200,000
Successful Efforts Full Cost Amortization for 2018 $ 200,000 $ 400,000 Accumulated DD&A $ 500,000 $ 700,000 Required: Prepare income statements and unclassified balance sheet for both an SE and FC company.