Texas oil company operates solely in the United States. The following amounts are paid during June 2018 relating to producing leases: Fuel for lease A....$50,000 Supplies for lease A....15,000 Labor cost for pumpers and gaugers-lease A...20,500 Fringe benefits of pumpers and gaugers who work on several leases...8,000 Salaries and fringe benefits of regional supervisors...20,000 Contract labor for refracturing well of Lease A...12,000 Property tax-Lease A....14,000 Transportation cost for several leases....10,200   Required: Record the above transactions.

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Leasing

Leasing is a contractual arrangement in which someone (a lessee) pays the owner (or lessor) of a building, land, vehicle, or other asset for the use of that asset. The lease is the agreement between lessee and lessor.