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

تمرين 9

Aaron Energy Corporation has the following account balances at 12/31/15: At 12/31/15, Lease A is considered to be 40% impaired. Aaron Energy's estimated
abandonment rate of insignificant unproved properties is 60% (i.e., the impairment
rate is 60%).
Prepare entries to record impairment.