During 2005, Willis Oil Company incurred the following costs in connection with the Grove lease. a. Acquired

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During 2005, Willis Oil Company incurred the following costs in connection with the Grove lease.

a. Acquired the 800 acres Grove lease at a lease bonus of $$70$ per acre and other acquisition costs of $$10,000.$

b. Incurred the following costs in connection with Grove #1:

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Record the above transactions.

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Fundamentals Of Oil And Gas Accounting

ISBN: 9780878147939

4th Edition

Authors: Rebecca A. Gallun, Ph.D. Wright, Charlotte J, Linda M. Nichols, John W. Stevenson

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Question Posted: May 29, 2024 08:02 AM

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During 2005, Willis Oil Company incurred the following costs in connection with the Grove lease. a. Acquired

Question:

G&G costs to locate wellsite.. Surface damages. Surface casing Contractor's fee/day workrate Equipment rentals Drilling fluids.. Fuel .... $ 3,000 15,000 7,000 175,000 200,000 35,000 9,000

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Fundamentals Of Oil And Gas Accounting

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