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URGENT* Zayed Oll purchased an offshore lease costing $8,000,000 with 4,000 total acres Proved resers are found on a 3,000-acre tract that is included in

URGENT*
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Zayed Oll purchased an offshore lease costing $8,000,000 with 4,000 total acres Proved resers are found on a 3,000-acre tract that is included in the 4,000 acres. Management decide to reclassify only the proved area acreage Required: Prepare the entry to record the lease and reclassify the acreage

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