Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright

تمرين 15

Pistol Oil Company purchased seismic equipment on March 1, 2017, costing $100,000.
The seismic equipment was used in G&G operations for the remainder of the calendar
year (2017). Compute straight-line depreciation for 2017, assuming a 10-year life and
no salvage value, and prepare the entries to record the purchase and depreciation of
the equipment.