Kimble Oil & Gas sold 11,400 BBLs in 2022 and a price per BBL of $75. Revenue and costs for Kimble Oil & Gas are presented below:

Revenue	$855,000
G&G Costs	$75,000
Acquisition Costs	$90,000
Exploratory Dry Holes	$900,000
Successful Exploratory Wells	$1,250,000
Development wells, dry	$475,000
Development wells, successful	$225,000
Production Facilities	$100,000
Production Costs	$213,750
	Successful Effort	Full Cost
Amortization for 2022	$125,000	$200,000
Accumulated DD&A	$300,000	$425,000

Required You will need to prepare and submit an Income Statement and Balance Sheet and answer the following questions.

1. Using the SE Method of accounting
   1. What are Kimbles total expenses?
   2. What is Kimbles Net Income?
   3. What are Kimbles Net Oil & Gas Assets?
2. Using the FC Method of accounting
   1. What are Kimbles total expenses?
   2. What is Kimbles Net Income?
   3. What are Kimbles Net Oil & Gas Assets?