Blowout Oil Corporation, a successful efforts company, transferred an item of equipment from its wholly owned warehouse
Question:
Blowout Oil Corporation, a successful efforts company, transferred an item of equipment from its wholly owned warehouse to a jointly owned lease in which it has a 60% WI. The item of equipment is in Condition B, and the current market price for the equipment is $60,000. The item of equipment was carried on Blowout’s books at $50,000.
REQUIRED: Give the entry to record the transfer, ignoring transportation charges.
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