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Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
Edition 5ISBN: 9781630181031 Exercise 15
On December 31, 2016, Dill Oil Company recognized impairment of $100,000 on an
individually significant lease. Before the financial statements were issued early the next
year, a well was drilled and proved reserves were found. Dill easily revised their financial
statements so that no impairment was recognized on the property. Please comment.
individually significant lease. Before the financial statements were issued early the next
year, a well was drilled and proved reserves were found. Dill easily revised their financial
statements so that no impairment was recognized on the property. Please comment.
Explanation
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For the financial year 2016, D Oil Compa...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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