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

تمرين 24

Record the following transactions:
a. Landslide Energy incurred costs of $30,000 in preparing a drillsite.
b. The contractor was paid $400,000 on a day-rate contract (all intangible).
c. Equipment (casing) costs of $75,000 were incurred.
d. Costs of $70,000 were incurred in evaluating the well.
e. Landslide Energy decided to complete the well and incurred costs of $45,000
(perforating and fracturing), $60,000 (cementing), and $100,000 (equipment) in
completing the well.