Universal Oil Company has an offshore lease that cost ($4,000,000.) The total acreage is 40,000 acres. Proved
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Universal Oil Company has an offshore lease that cost \($4,000,000.\) The total acreage is 40,000 acres. Proved reserves are found on a 10,000 acre tract that is included in the 40,000 acres. Management decides to reclassify only the proved area acreage. Prepare the entry to reclassify the acreage.
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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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