Basic Oil Company, a successful efforts company, owns an ORI in an unproved property that cost $50,000.

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Basic Oil Company, a successful efforts company, owns an ORI in an unproved property that cost $50,000. The ORI has not been impaired. Assume Basic sold its entire interest in the ORI for the following amounts:

a. $40,000

b. $70,000 REQUIRED: Prepare journal entries to record the sales under the different assumptions.

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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 10:00 AM

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Basic Oil Company, a successful efforts company, owns an ORI in an unproved property that cost $50,000.

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Fundamentals Of Oil And Gas Accounting

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