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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 23
The Caleb Corporation had the following costs at 12/31/15 relating to Lease A: 
In January, 2016, Well No. 1 quit producing and was abandoned. In March 2016, Well
No. 2 quit producing, and the well and the lease were abandoned.
REqUIRED: Prepare journal entries for the abandonments.
In January, 2016, Well No. 1 quit producing and was abandoned. In March 2016, WellNo. 2 quit producing, and the well and the lease were abandoned.
REqUIRED: Prepare journal entries for the abandonments.
Explanation
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In January, 2016, well no. 1 quit and we...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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