Wolfforth Company sold its 100% WI in a proved property for ($600,000) and retained an ORI. Wolfforths
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Wolfforth Company sold its 100% WI in a proved property for \($600,000\) and retained an ORI. Wolfforth’s net cost basis in the property was \($500,000\). The fair market value of the entire original WI was $700,000.
Wolfforth had the following net investment in its accounts:
Prepare Wolfforth Company’s entry to record the sale assuming Wolfforth is a successfulefforts company.
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