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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 1
Guarantee Oil Company's internal land department incurred costs of $150,000 in
acquiring leases. Of the 1 million acres of prospects, only 450,000 acres were leased.
a. How much, if any, of the $150,000 incurred by the land department should be
capitalized?
b. If capitalized, what account(s) should be debited?
acquiring leases. Of the 1 million acres of prospects, only 450,000 acres were leased.
a. How much, if any, of the $150,000 incurred by the land department should be
capitalized?
b. If capitalized, what account(s) should be debited?
Explanation
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G Oil Company's internal land department...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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