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

تمرين 2

Virginia Oil Corporation, a full cost company, incurs the following costs during 2016: During 2017, the following costs were incurred:
Delay rentals were paid on Lease A, $2,000, and Lease B, $3,000.
In the latter half of 2017, drilling operations were commenced on both leases, and costs
were incurred as follows: REqUIRED: Record the above transactions.