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Ephrayim Oil purchased an offshore lease costing $6,000,000 with 3,000 total acres. Proved reserves are found on a 1,000-acre tract that is included in the

Ephrayim Oil purchased an offshore lease costing $6,000,000 with 3,000 total acres. Proved reserves are found on a 1,000-acre tract that is included in the 3,000 acres. Management decide to reclassify only the proved area acreage.

Required: Prepare the entry to reclassify the acreage.

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