Gamble Company, a full-cost company, has an unproved lease for which it paid ($100,000). Give the entry
Question:
Gamble Company, a full-cost company, has an unproved lease for which it paid
\($100,000\). Give the entry to record the sale of the property, assuming Gamble Company sold the property for:
a. $80,000
b. \($130,000\) Give the entry to record the sale, assuming Gamble Company sold only 25% of the WI in the property and received:
c. $60,000
d. $110,000
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Related Book For 
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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