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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 17
Longhorn Oil Corporation transferred an item of equipment from its wholly owned
warehouse to a jointly owned lease in which it has a 70% WI. The item of equipment
is in Condition B, and the current market price for the equipment is $50,000. The item
of equipment was carried on Longhorn's books at $40,000. Give the entry to record the
transfer, ignoring transportation charges.
warehouse to a jointly owned lease in which it has a 70% WI. The item of equipment
is in Condition B, and the current market price for the equipment is $50,000. The item
of equipment was carried on Longhorn's books at $40,000. Give the entry to record the
transfer, ignoring transportation charges.
Explanation
Verified
Verified
LOC transferred an item of equipment fro...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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