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Question 5 10 points Ephrayim Oil purchased an offshore lease costing $6,000,000 with 3,000 total acres Proved reserves are found on a 1,000-acre tract

Question 5 10 points Ephrayim Oil purchased an offshore lease costing $6,000,000 with 3,000 total acres Proved reserves are found on a 1,000-acre tract that is included in the 3.000 acres. Management decide to reclassify only the proved area acreage. Required: Prepare the entry to reclassify the acreage. For the toolbar, press ALT+F10 PC or ALT+N+F10 (Mac

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