Given the following data for Float Energy: a. Give the entries to record the abandonment of both

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Given the following data for Float Energy: image text in transcribed

a. Give the entries to record the abandonment of both Lease A and Lease B.

b. Give the entries assuming instead that both Lease A and Lease B were proved, i.e., oil or gas was discovered on the leases.

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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 10:15 AM

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Given the following data for Float Energy: a. Give the entries to record the abandonment of both

Question:

Unproved property-Lease A (significant) Allowance for impairment Lease A... Unproved property-Lease B (insignificant) Allowance for impairment, group basis. $700,000 500,000 30,000 450,000

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Fundamentals Of Oil And Gas Accounting

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