Question
Bin Oil Company in Zwolle, Louisiana owns 100% of the WI in an unproved lease that was acquired for $100,000. The property is individually significant
Bin Oil Company in Zwolle, Louisiana owns 100% of the WI in an unproved lease that was acquired for $100,000. The property is individually significant and with an individual impairment of $20,000. Bin transfers the WI to another party but retains a 20% ORI in return for cash of $30,000. What amount will be debited to the Unproved ORI account?
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Managerial Accounting
Authors: Ray Garrison, Eric Noreen and Peter Brewer
14th edition
978-007811100, 78111005, 978-0078111006
