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On March 1, 2019, Demirtas Company purchased an oil well at a cost of $1,000,000. It is estimate that 150,000 barrels of oil can
On March 1, 2019, Demirtas Company purchased an oil well at a cost of $1,000,000. It is estimate that 150,000 barrels of oil can be produced over the remaining life of the well and the residual valu of the well will be $100,000. During 2019, 15,000 barrels of oil were produced and 12,000 barrels were sold. What is value of the produced oil inventory on Demirtas' December 31, 2019 balance sheet?
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Core concepts of accounting information systems
Authors: Jacob M. Rose, Mark G. Simkin, Carolyn Strand Norman
13th edition
978-1-119-0332, 1118742931, 978-1118742938
