The Kincaid Oil Company has unproved property costs of $40,000 at January 1, 2016. During 2016, Kincaid
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The Kincaid Oil Company has unproved property costs of $40,000 at January 1, 2016.
During 2016, Kincaid incurred $400,000 drilling costs on Lease A. An 8%, $500,000 note is outstanding during the entire year and was obtained to finance the drilling program. Compute the interest capitalization amount and record the interest.
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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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