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

تمرين 4

Gamble Company, a full cost company, has an unproved lease for which it paid
$100,000. Give the entry to record the sale of the property, assuming Gamble Company
sold the property for:
a. $80,000
b. $130,000
Give the entry to record the sale, assuming Gamble Company sold only 25% of the
working interest in the property and received:
c. $60,000
d. $110,000