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

تمرين 26

Wolfforth Company sold its 100% WI in a proved property for $600,000 and retained
an ORI. Wolfforth's net cost basis in the property was $500,000. The fair market value
of the entire original working interest was $700,000.
Wolfforth had the following net investment in its accounts: Prepare Wolfforth Company's entry to record the sale, assuming Wolfforth is a
successful efforts company.