During the calendar year 2015, Deep Corporation had the following transactions on an unproved property: Grant #1
Question:
During the calendar year 2015, Deep Corporation had the following transactions on an unproved property:
Grant #1 was drilled, with IDC costs of $310,000 and equipment costs of $42,000.
The well was determined to be dry and was plugged and abandoned at a cost of
$10,000. Salvaged equipment placed in inventory was valued at $8,000.
Prepare journal entries for the transactions.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Fundamentals Of Oil And Gas Accounting
ISBN: 9781593701376
5th Edition
Authors: Charlotte J. Wright, Rebecca A. Gallun
Question Posted: