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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
Gamble Company, a full cost company, has an unproved lease for which it paid
$100,000. Give the entry to record the sale of the property, assuming Gamble Company
sold the property for:
a. $80,000
b. $130,000
Give the entry to record the sale, assuming Gamble Company sold only 25% of the
working interest in the property and received:
c. $60,000
d. $110,000
$100,000. Give the entry to record the sale of the property, assuming Gamble Company
sold the property for:
a. $80,000
b. $130,000
Give the entry to record the sale, assuming Gamble Company sold only 25% of the
working interest in the property and received:
c. $60,000
d. $110,000
Explanation
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GC a full cost company has an unproved l...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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