The Bryant Company had the following costs at 12/31/05 relating to Lease A: In January, 2006, Well

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The Bryant Company had the following costs at 12/31/05 relating to Lease A:

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In January, 2006, Well No. 1 quit producing and was abandoned. In March, 2006, Well No. 2 quit producing, and the well and the lease were abandoned.
REQUIRED: Prepare journal entries for the abandonments.

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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 08:03 AM

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The Bryant Company had the following costs at 12/31/05 relating to Lease A: In January, 2006, Well

Question:

Proved property Accumulated DD&A-proved property.. $ 50,000 30,000 Well No. 1: Wells and related E&F 400,000 Well No. 2: Wells and related E&F ...... 350,000 Accumulated DD&A-wells.... 500,000

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Fundamentals Of Oil And Gas Accounting

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