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

تمرين 23

The Caleb Corporation had the following costs at 12/31/15 relating to Lease A: In January, 2016, Well No. 1 quit producing and was abandoned. In March 2016, Well
No. 2 quit producing, and the well and the lease were abandoned.
REqUIRED: Prepare journal entries for the abandonments.