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

تمرين 1

The Clarence Oil Company provides the following information for the year ended
December 31, 2017: REqUIRED:
a. Prepare a ceiling test and an entry, if necessary, for the write-off of capitalized
costs. Ignore income taxes.
b. Assuming the PV of future gross revenues is $70,000,000, repeat the requirements
for part a.