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2. Lynx Oil Company has 3 wells on a lease in Texas and is the only working interest owner. Indirect costs of operating the system

2. Lynx Oil Company has 3 wells on a lease in Texas and is the only working interest owner. Indirect costs of operating the system for the month of October were $75,000. Give the journal entry to record operating expense, by well, assuming allocation based on the volume of oil produced by each well. Well Volumes of Oil (bbls) A 3,000 B 2,000 C 2,500

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