Lexington Company is operating a single field in Alaska in which it has a 49% working interest.
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Lexington Company is operating a single field in Alaska in which it has a 49% working interest. The remainder of the working interest is held by another oil company. The field went onto production in early in 2012 and has an estimated life of 15 years.
REQUIRED: Should Lexington recognize an ARO under SFAS No. 143? If so, when should the ARO be recognized?
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Related Book For 
Fundamentals Of Oil And Gas Accounting
ISBN: 9781593701376
5th Edition
Authors: Charlotte J. Wright, Rebecca A. Gallun
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