Placid Oil Corporation purchased an offshore lease costing $3,000,000 with 5,000 total acres. Proved reserves are found
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Placid Oil Corporation purchased an offshore lease costing $3,000,000 with 5,000 total acres. Proved reserves are found on a 1,000-acre tract that is included in the 5,000 acres. Management decides to reclassify only the proved area acreage.
REQUIRED: Prepare the entry to reclassify the acreage.
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