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Zayed Oil purchased an offshore lease costing $8,000,000 with 4,000 total acres. Proved reserves are found on a 3,000-acre tract that is rich 4,000 acres.

Zayed Oil purchased an offshore lease costing $8,000,000 with 4,000 total acres. Proved reserves are found on a 3,000-acre tract that is rich

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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