Question
21. Decade Petroleum incurred and paid the following costs during 2016: Lease A Lease B Lease C Lease D Unproved Unproved Proved Proved Acquisition
21. Decade Petroleum incurred and paid the following costs during 2016: Lease A Lease B Lease C Lease D Unproved Unproved Proved Proved Acquisition costs $ 30,000 $ 35,000 Purchased in Purchased in 2015 2015 Well: Exploratory Exploratory 180,000 Development $160,000 Development $190,000 Drilling contractor's 200,000 charges-day-rate 30000 35,000 28,000 22,000 Casing Production 75,000 80,000 equipment 10,000 15,000 12,000 14,000 Well logs Drilling results Well dry: Found Well dry Found abandon proved proved lease reserves reserves Record Decade Petroleum's transactions.
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Decade Petroleums transactions would be recorded as follows Lease A Unproved 30000 Exploratory 1800...Get Instant Access to Expert-Tailored Solutions
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South Western Federal Taxation 2015
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
38th Edition
978-1305310810, 1305310810, 978-1285439631
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