Valve Oil Corporation has a waterflooding system for a reservoir in Oklahoma. Costs of operating the system
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Valve Oil Corporation has a waterflooding system for a reservoir in Oklahoma. Costs of operating the system for the month of August were $20,400.
a. Give the entry to record operating expense, assuming the reservoir underlies only Lease A.
b. Assume the reservoir underlies the following three leases:
Give the entry to record operating expense, assuming allocation based on the volume of water.
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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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