Big John Oil Company agreed to conduct G&G studies and other exploration activities on a lease owned

Question:

Big John Oil Company agreed to conduct G&G studies and other exploration activities on a lease owned by Young Oil Company in exchange for an interest in the property if proved reserves are found. If proved reserves are not found, Big John will be reimbursed for costs incurred.

a. Big John incurs $$200,000$ of exploration costs.

b. Assume proved reserves are found.

c. Assume instead that proved reserves are not found.

Give any entries required.

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