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10. Lynx Oil Company abandoned an unproved property that cost $150,000. The property was considered significant and had been impaired $50,000 on an individual basis.
10. Lynx Oil Company abandoned an unproved property that cost $150,000. The property was considered significant and had been impaired $50,000 on an individual basis. Give the journal entry assuming Lynx Oil Company follows the successful efforts method of accounting
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