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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
During 2015, O'Neal Corporation incurred the following costs in connection with the
Batch lease:
a. Acquired the 800 acre Batch lease at a lease bonus of $70 per acre and other
acquisition costs of $10,000.
b. Incurred the following costs in connection with Batch #1:
Record the above transactions. Hint: The type of equipment installed when the well
reached target depth indicates whether the well was successful or dry.
Batch lease:
a. Acquired the 800 acre Batch lease at a lease bonus of $70 per acre and other
acquisition costs of $10,000.
b. Incurred the following costs in connection with Batch #1:
Record the above transactions. Hint: The type of equipment installed when the wellreached target depth indicates whether the well was successful or dry.
Explanation
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During year 2015, O'Neal Corporation inc...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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