Batch Company, a full cost company, has an unproved lease for which it paid $200,000. Give the
Question:
Batch Company, a full cost company, has an unproved lease for which it paid
$200,000. Give the entry to record the sale of the property, assuming Batch Company sold the property for:
a. $150,000
b. $220,000 REQUIRED: Give the entry to record the sale, assuming Batch Company sold only 25% of the working interest in the property and received:
a. $140,000
b. $210,000
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