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Oil Company has the following expenditures in August 2020: Lease A: Well #2-Cleaning and reacidizing formation......$20,000 Lease B: Well #3-Testing, perforating, and completion at

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Oil Company has the following expenditures in August 2020: Lease A: Well #2-Cleaning and reacidizing formation......$20,000 Lease B: Well #3-Testing, perforating, and completion at 10,000 feet. Current production is at 12,000 feet. IDC..... 120,000 20,000 Equipment from inventory........ Required: Journalize the above transactions.

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