Tiger Oil Company, a successful-efforts company, owns an ORI in an unproved property that cost ($20,000). The

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Tiger Oil Company, a successful-efforts company, owns an ORI in an unproved property that cost $$20,000$. The ORI has not been impaired. Assume Tiger sold its entire interest in the ORI for the following amounts:

a. $15,000

b. $$25,000$ Prepare journal entries to record the sales under the different assumptions.

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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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Tiger Oil Company, a successful-efforts company, owns an ORI in an unproved property that cost ($20,000). The

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Fundamentals Of Oil And Gas Accounting

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