Gamble Company, a full cost company, has an unproved lease for which it paid $100,000. Give the

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Gamble Company, a full cost company, has an unproved lease for which it paid

$100,000. Give the entry to record the sale of the property, assuming Gamble Company sold the property for:

a. $80,000

b. $130,000 Give the entry to record the sale, assuming Gamble Company sold only 25% of the working interest in the property and received:

c. $60,000

d. $110,000

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Fundamentals Of Oil And Gas Accounting

ISBN: 9781593701376

5th Edition

Authors: Charlotte J. Wright, Rebecca A. Gallun

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Question Posted: May 31, 2024 10:16 AM

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Gamble Company, a full cost company, has an unproved lease for which it paid $100,000. Give the

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Fundamentals Of Oil And Gas Accounting

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