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Buffalo Oil Company, the operator of Lease A, purchased casing with a list price of $60,000 for a joint interest property in which it

 

Buffalo Oil Company, the operator of Lease A, purchased casing with a list price of $60,000 for a joint interest property in which it has a 60% WI. The casing is to be used in a workover. Loading, hauling, and unloading costs amounted to $4,000. Prepare the entry to record the purchase, assuming that the operator charges his own accounts.

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