oil & gas

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2. On December 31,2019, the unproved property account containing leases that not individually significant had a balance of $208.550 balance and allowance for impairment account had a 60,000 balance. Past expert indicate that 75% of all insignificant unproved properties are event abandoned without ever being proved. Prepare journal entry and prepare balance sheet at the end of the fourth year assuming that the average have period of the insignificant unproved properties is 6 years