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

تمرين 22

Brown Company, a successful efforts company, has a 1/8 royalty interest in an unproved
property. Assuming Brown Company's net capitalized cost in the property is $100,000,
give the entry to record the sale of the entire royalty interest for:
a. $80,000
b. $110,000