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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 6
Tiger Oil Company, a successful efforts company, owns an ORI in an unproved
property that cost $20,000. The ORI has not been impaired. Assume Tiger sold its
entire interest in the ORI for the following amounts:
a. $15,000
b. $25,000
Prepare journal entries to record the sales under the different assumptions.
property that cost $20,000. The ORI has not been impaired. Assume Tiger sold its
entire interest in the ORI for the following amounts:
a. $15,000
b. $25,000
Prepare journal entries to record the sales under the different assumptions.
Explanation
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TOC a successful efforts company owns an...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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