Carter Co.acquired drilling rights for $18,550,000.The oil deposit is estimated at 74,200,000 gallons.During the current year,6,000,000 gallons were drilled.Journalize the adjusting entry at December 31 to recognize the depletion expense.Journal

Question

Quizplus · Accepted Answer

The Answer of Carter Co.acquired drilling rights for $18,550,000.The oil deposit is estimated at 74,200,000 gallons.During the current year,6,000,000 gallons were drilled.Journalize the adjusting entry at December 31 to recognize the depletion expense.Journal

Carter CoAcquired Drilling Rights for $18,550,000