Wildcat Companys balance sheet, at 12/31/04, included account balances as follows: During 2005, the following events related

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Wildcat Company’s balance sheet, at 12/31/04, included account balances as follows:

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During 2005, the following events related to the above unproved properties occurred:

a. Lease A is abandoned

b. Lease B is surrendered.

c. Leases G & F (insignificant) in the amounts of $$2,000$ and $$3,000,$ respectively, are abandoned.

Prepare the necessary entries.

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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 08:01 AM

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Wildcat Companys balance sheet, at 12/31/04, included account balances as follows: During 2005, the following events related

Question:

Cost Lease A Lease B $ 40,000 80,000 Lease C 100,000 Allowance for impairment $ 10,000. 24,000 0 Insignificant properties (D-J) 200,000 120,000

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Fundamentals Of Oil And Gas Accounting

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