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9. Revenue and costs for Gravity Petroleum for the year 2019 are presented below: Revenue $ 600,000 G&G costs 600,000 Acquisition costs 2,000,000 Exploratory dry
9. Revenue and costs for Gravity Petroleum for the year 2019 are presented below: Revenue $ 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 costs. 100.000 Successful Efforts Full Cost Amortization for 2019. $200,000 $ 400,000 Accumulated DD&A 500,000 700,000 REQUIRED: Prepare income statements and unclassified balance sheets for a successful efforts (SE) company and a full cost (FC) company and explain the difference in net income
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