Zepher Company acquired 100% of the WI in an unproved property at a cost of ($50,000). Zepher
Question:
Zepher Company acquired 100% of the WI in an unproved property at a cost of \($50,000\). Zepher later sold the WI, retaining an overriding royalty interest (ORI). Give the entry to record the conveyance of the WI, assuming Zepher is a SE company and received $30,000.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
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
Question Posted: