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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 2
Opaque Corporation purchased land in fee for $420,000. The land was located in a
remote area in Oklahoma. An appraiser estimated the fair market value of the surface
rights to be $200,000. The appraiser was not able to make an estimate of the value of
the mineral rights.
Prepare a journal entry to record the purchase.
remote area in Oklahoma. An appraiser estimated the fair market value of the surface
rights to be $200,000. The appraiser was not able to make an estimate of the value of
the mineral rights.
Prepare a journal entry to record the purchase.
Explanation
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O corporation purchased land in fee for ...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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