Wildcat Oil Company has the following account balances at 12/31/05: At 12/31/05, Lease A is considered to

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Wildcat Oil Company has the following account balances at 12/31/05:

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At 12/31/05, Lease A is considered to be 40% impaired. Wildcat Company’s estimated abandonment rate of insignificant unproved properties is 60% (i.e., the impairment rate is 60%).
Prepare entries to record impairment.

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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 08:05 AM

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Wildcat Oil Company has the following account balances at 12/31/05: At 12/31/05, Lease A is considered to

Question:

Unproved property-Lease A Unproved property-group Allowance for impairment, group $ 60,000 220,000 12,000

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Fundamentals Of Oil And Gas Accounting

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