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

تمرين 18

Payne Oil Corporation, a successful efforts company, has capitalized costs on three
leases as of 12/31/2013 as follows: Payne has no other capitalized costs. The leases are located in different counties
in Oklahoma.
REqUIRED: If necessary, test the assets for impairment and make any necessary
journal entries assuming taxes tripled on all three leases.