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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 16
Mair Company sold 50% of the working interest in a proved lease to Company Q for
$450,000. Mair Company's net cost basis in this proved property was $200,000. Mair
Company uses the successful efforts method. Give the entry for Mair Company to
record the sale.
$450,000. Mair Company's net cost basis in this proved property was $200,000. Mair
Company uses the successful efforts method. Give the entry for Mair Company to
record the sale.
Explanation
Verified
Verified
MC sold 50% of the working interest in a...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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