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

تمرين 20

Ernest Oil Company's balance sheet, at 12/31/14, included account balances as follows: During 2015, the following events related to the above unproved properties occurred:
a. Lease A is abandoned.
b. Lease B is surrendered.
c. Leases G & F (individually insignificant) in the amounts of $2,000 and $3,000,
respectively, are abandoned.
Prepare the necessary entries.