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3. Lynx Oil Company, a successful efforts company, incurs the following costs relative to a gathering system. 1. Purchase and installation costs of separators and

3. Lynx Oil Company, a successful efforts company, incurs the following costs relative to a gathering system. 1. Purchase and installation costs of separators and compressors: $350,000 2. Operational costs for the system: $75,000 Give the entries to record the above costs

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