Give the entry to record abandonment in each of the following cases. a. Universal Energy Company abandoned
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Give the entry to record abandonment in each of the following cases.
a. Universal Energy Company abandoned an unproved property that cost
$300,000. The property was considered significant and had been impaired
$100,000 on an individual basis.
b. Universal also abandoned an unproved property that was not considered individually significant. The property cost $25,000, and the group allowance account had a balance of $320,000 at the time of the abandonment.
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