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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 16
Seaside Oil Corporation has an offshore lease that cost $4,000,000. The total acreage
is 40,000 acres. Proved reserves are found on a 10,000 acre tract that is included in the
40,000 acres. Management decides to reclassify only the proved area acreage.
Prepare the entry to reclassify the acreage.
is 40,000 acres. Proved reserves are found on a 10,000 acre tract that is included in the
40,000 acres. Management decides to reclassify only the proved area acreage.
Prepare the entry to reclassify the acreage.
Explanation
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S Oil Corporation has an offshore lease ...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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