Fielder Oil Company, a SE company, has an unproved lease for which it paid $150,000. The property

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Fielder Oil Company, a SE company, has an unproved lease for which it paid $150,000.

The property was individually significant and individual impairment of $$50,000$ had been assessed. Make the journal entries to record Fielder Oil Company’s conveyance of 50% of the WI in return for:

a. $$10,000$ cash

b. $$160,000$ cash

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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 10:00 AM

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Fielder Oil Company, a SE company, has an unproved lease for which it paid $150,000. The property

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Fundamentals Of Oil And Gas Accounting

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