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Grover Petroleum owns a piece of equipment originally costing $60,000 that is currently being used in Lease A. Grover Petroleum owns a 40% working interest

Grover Petroleum owns a piece of equipment originally costing $60,000 that is currently being used in Lease A. Grover Petroleum owns a 40% working interest in Lease A and is the operator. The company plans to use the equipment in a lease wholly owned by Grover Petroleum. The equipment is transferred to Grovers warehouse. Record the entry for the transfer.

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