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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 20
Zepher Company acquired 100% of the working interest in an unproved property
at a cost of $50,000. Zepher later sold the working interest, retaining an overriding
royalty interest (ORI). Give the entry to record the conveyance of the working interest,
assuming Zepher is a successful efforts company and received $30,000.
at a cost of $50,000. Zepher later sold the working interest, retaining an overriding
royalty interest (ORI). Give the entry to record the conveyance of the working interest,
assuming Zepher is a successful efforts company and received $30,000.
Explanation
Verified
Verified
ZC acquired 100% of the working interest...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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