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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 26
Wolfforth Company sold its 100% WI in a proved property for $600,000 and retained
an ORI. Wolfforth's net cost basis in the property was $500,000. The fair market value
of the entire original working interest was $700,000.
Wolfforth had the following net investment in its accounts:
Prepare Wolfforth Company's entry to record the sale, assuming Wolfforth is a
successful efforts company.
an ORI. Wolfforth's net cost basis in the property was $500,000. The fair market value
of the entire original working interest was $700,000.
Wolfforth had the following net investment in its accounts:
Prepare Wolfforth Company's entry to record the sale, assuming Wolfforth is asuccessful efforts company.
Explanation
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Since the F...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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