Jupiter Energy owned the following unproved property at 12/31/59: Significant Leases: Lease A: $360,000, Impairment: $150,000 Lease
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Question:
Jupiter Energy owned the following unproved property at 12/31/59:
- Significant Leases:
Lease A: $360,000, Impairment: $150,000
Lease B: $520,000, Impairment: $170,000 - Insignificant Leases:
Lease C: $55,000
Lease D: $35,000
Lease E: $30,000
Lease F: $20,000
Total Cost: $140,000, Total Impairment: $50,000
Prepare journal entries for 2060, assuming the following events:
a. Lease A was abandoned.
b. Proved reserves were found on Lease B and Lease D.
c. Lease C was impaired by an additional $5,000.
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