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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 14
Sells Oil Company, a full cost company, has total capitalized costs in Venezuela of
$20,000,000 and accumulated DD&A of $4,000,000. Proved reserves in Venezuela
are 2,000,000 barrels. Reserves of 500,000 barrels are sold to Oyona Oil Company for
$8,000,000.
Prepare the entry for Sells Oil Company.
$20,000,000 and accumulated DD&A of $4,000,000. Proved reserves in Venezuela
are 2,000,000 barrels. Reserves of 500,000 barrels are sold to Oyona Oil Company for
$8,000,000.
Prepare the entry for Sells Oil Company.
Explanation
Verified
Verified
Cash received on sale of 500,000 barrels...
Fundamentals of Oil & Gas Accounting 5th Edition by Rebecca Gallun, Charlotte Wright
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