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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
During the calendar year 2015, Deep Corporation had the following transactions on an
unproved property:
Grant #1 was drilled, with IDC costs of $310,000 and equipment costs of $42,000.
The well was determined to be dry and was plugged and abandoned at a cost of
$10,000. Salvaged equipment placed in inventory was valued at $8,000.
Prepare journal entries for the transactions.
unproved property:
Grant #1 was drilled, with IDC costs of $310,000 and equipment costs of $42,000.
The well was determined to be dry and was plugged and abandoned at a cost of
$10,000. Salvaged equipment placed in inventory was valued at $8,000.
Prepare journal entries for the transactions.
Explanation
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D corporation had a transaction of drill...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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