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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 22
Brown Company, a successful efforts company, has a 1/8 royalty interest in an unproved
property. Assuming Brown Company's net capitalized cost in the property is $100,000,
give the entry to record the sale of the entire royalty interest for:
a. $80,000
b. $110,000
property. Assuming Brown Company's net capitalized cost in the property is $100,000,
give the entry to record the sale of the entire royalty interest for:
a. $80,000
b. $110,000
Explanation
Verified
Verified
BC a successful efforts company, has a 
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Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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