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3) Prepare Income Statements under Successful Efforts (SE) and Full Cost (FC) accounting methods for Dylon Oil Company based on the revenue and costs for
3) Prepare Income Statements under Successful Efforts (SE) and Full Cost (FC) accounting methods for Dylon Oil Company based on the revenue and costs for fiscal year 2019 as presented below. (10) pts) Revenue $14,600,000 G&G Costs 600,000 Acquisition Costs $ 2,000,000 Exploratory Dry Holes $ 4,000,000 Successful Exploratory Wells $ 3,000,000 Development Wells, Dry $ 1,000,000 Development Wells, Successful $ 800,000 Production Facilities $ 700,000 Production/Lifting Costs 100,000 Amortization for 2019 SE 200,000 Amortization for 2019 FC $ 400,000
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