The Ebert Oil Company provides the following information for the year ended December 31, 2007: REQUIRED: a.
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The Ebert Oil Company provides the following information for the year ended December 31, 2007:
REQUIRED:
a. Prepare a ceiling test and an entry, if necessary, for the write-off of capitalized costs.
Ignore income taxes.
b. Assuming the PV of future gross revenues is \($70,000,000,\) repeat item a’s requirements.
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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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