As of 12/31/18, Bruno Energy Corporation owned the following unproved property: REQUIRED: Prepare journal entries for 2019,

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As of 12/31/18, Bruno Energy Corporation owned the following unproved property:

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REQUIRED: Prepare journal entries for 2019, assuming the following events:

a. Found proved reserves on Leases A & B.

b. Found proved reserves on Lease D.

c. Found proved reserves on Lease C.

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Fundamentals Of Oil And Gas Accounting

ISBN: 9781593703639

6th Edition

Authors: Charlotte Wright

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Question Posted: Mar 08, 2024 10:02 AM

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As of 12/31/18, Bruno Energy Corporation owned the following unproved property: REQUIRED: Prepare journal entries for 2019,

Question:

Individually Significant Leases Individually Insignificant Leases Cost Allowance Cost Total Allowance Lease A Lease B $350,000 $200,000 Lease C $12,000 600,000 250,000 Lease D 30,000 Lease E 15,000 Lease F 10,000 $67,000 $42,000

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Fundamentals Of Oil And Gas Accounting

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