Question: Garrison Oil Incorporated has an account titled Oil and Gas
Garrison Oil Incorporated has an account titled Oil and Gas Properties. Garrison paid $ 6,400,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $ 530,000 for additional geological tests of the property and $ 460,000 to prepare for drilling. During the first year, Garrison removed and sold 82,000 barrels of oil. Record all of Garrison’s transactions, including depletion for the first year.
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