Longhorn Oil Corporation transferred an item of equipment from its wholly owned warehouse to a jointly owned
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Longhorn Oil Corporation transferred an item of equipment from its wholly owned warehouse to a jointly owned lease in which it has a 70% WI. The item of equipment is in Condition B, and the current market price for the equipment is $50,000. The item of equipment was carried on Longhorn’s books at $40,000. Give the entry to record the transfer, ignoring transportation charges.
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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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