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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 24
Data as of 12/31/15 for Dry Hole Oil Company's U.S. properties are as follows:
(This problem is similar to problem 14 in chapter 6.)
Dry Hole's activities during 2016 were as follows: 
a. Use T-accounts to accumulate costs.
b. Calculate DD&A for 2016, assuming no cost exclusions and using a common unit
of measure based on BOE.
c. Calculate DD&A for 2016, assuming all possible cost exclusions and using a common
unit of measure based on BOE. In addition, assume impairment for unproved
properties was $75,000 and the allowance for impairment was $25,000 at 12/31/16.
(This problem is similar to problem 14 in chapter 6.)
Dry Hole's activities during 2016 were as follows: a. Use T-accounts to accumulate costs.b. Calculate DD&A for 2016, assuming no cost exclusions and using a common unit
of measure based on BOE.
c. Calculate DD&A for 2016, assuming all possible cost exclusions and using a common
unit of measure based on BOE. In addition, assume impairment for unproved
properties was $75,000 and the allowance for impairment was $25,000 at 12/31/16.
Explanation
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D Oil Company's U.S. properties showing ...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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