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During the calendar year, 2005 Gonzales Company had the following transactions on an unproved property.Drilled Morgan #1 with IDC costs of $310,000 and equipment cost
- During the calendar year, 2005 Gonzales Company had the following transactions on an unproved property.Drilled Morgan #1 with IDC costs of $310,000 and equipment cost of $42,000
- 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.
Need journal entries for the transactions
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Cost Accounting Foundations and Evolutions
Authors: Michael R. Kinney, Cecily A. Raiborn
9th edition
9781285401072, 1111971722, 1285401077, 978-1111971724
