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5. During the calendar year, 2005 Gonzales Company had the following transactions on an unproved property: 1. Drilled Morgan #1 with IDC costs of $310,000
5. During the calendar year, 2005 Gonzales Company had the following transactions on an unproved property: 1. Drilled Morgan #1 with IDC costs of $310,000 and equipment cost of $42,000 2. The well was determined to be dry and was plugged and abandoned at a cost of $10,000. Salvaged equipment placed in inventory was valued at $8.000. Prepare journal entries for the transactions
5. During the calendar year, 2005 Gonzales Company had the following transactions on an
unproved property:
1. Drilled Morgan #1 with IDC costs of $310,000 and equipment cost of $42,000
2. The well was determined to be dry and was plugged and abandoned at a cost of
$10,000. Salvaged equipment placed in inventory was valued at $8.000.
Prepare journal entries for the transactions
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The Business Of We The Proven Three Step Process For Closing The Gap Between Us And Them In Your Workplace
Authors: Laura Kriska
1st Edition
140021680X, 978-1400216802
