Monarch Energy Corporation owned the following unproved property at 12/31/14: 11ec7775_98d7_0559_9634_89c6b69bf49f_SM1710_00 Prepare journal entries for 2015, assuming the following events: a. Found proved reserves on Leases A & B. b. Found proved reserves on Lease D. c. Found proved reserves on Lease C.

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

Edition 5ISBN: 9781630181031

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

Edition 5ISBN: 9781630181031

Exercise 22

Monarch Energy Corporation owned the following unproved property at 12/31/14:

Prepare journal entries for 2015, assuming the following events:
a. Found proved reserves on Leases A & B.
b. Found proved reserves on Lease D.
c. Found proved reserves on Lease C.

Explanation

Verified

a.
Found proved reserve on lease A and ...