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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 11
Use the same facts as problem 19 and prepare entries using the following
independent assumptions:
a. Lease A is abandoned in 2016.
b. Lease A is proved in 2016.
c. Insignificant Lease Y, with a cost of $3,000, is abandoned.
d. Insignificant Lease X, with a cost of $5,000, is proved.
independent assumptions:
a. Lease A is abandoned in 2016.
b. Lease A is proved in 2016.
c. Insignificant Lease Y, with a cost of $3,000, is abandoned.
d. Insignificant Lease X, with a cost of $5,000, is proved.
Explanation
Verified
Verified
a.Lease A is abandoned in 2016. Hence ab...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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