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On 12/31/18, Branch Co Gas Producer's unproved property account for leases that arenotindividually significant had a balance of $1,800,000. The impairment allowance account had a
On 12/31/18, Branch Co Gas Producer's unproved property account for leases that arenotindividually significant had a balance of $1,800,000. The impairment allowance account had a balance of $340,000. If BuffCo (a successful efforts company) has a policy of maintaining a 45% allowance (of gross unproved properties), the entry to record impairment for 12/31/18 would be: (there should be 1 entry)
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