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

تمرين 32

Fielder Oil Company, a successful efforts company, has an unproved lease for which it
paid $150,000. The property was individually significant, and individual impairment of
$50,000 had been assessed. Make the journal entries to record Fielder Oil Company's
conveyance of 50% of the working interest in return for:
a. $10,000 cash
b. $160,000 cash