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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 4
Brown Oil Company is the operator of Lease A and Lease B and has a 60% WI in each
lease. A piece of equipment, which originally cost $30,000, is transferred from Lease A
to Lease B. The current market price of the equipment is $40,000. The equipment is in
Condition C. The working interest owners of Lease B will pay for reconditioning.
REqUIRED: Prepare an entry to record the transfer.
lease. A piece of equipment, which originally cost $30,000, is transferred from Lease A
to Lease B. The current market price of the equipment is $40,000. The equipment is in
Condition C. The working interest owners of Lease B will pay for reconditioning.
REqUIRED: Prepare an entry to record the transfer.
Explanation
Verified
Verified
BOC is the operator of Lease A and Lease...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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