Harper Oil Company, a successful efforts company, has an undeveloped lease for which it paid $180,000. The

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Harper Oil Company, a successful efforts company, has an undeveloped lease for which it paid $180,000. The property was individually significant, and individual impairment of $50,000 had been assessed.

REQUIRED: Make the journal entries to record Harper Oil Company’s conveyance of 60% of the working interest in return for:

a. $30,000 cash

b. $200,000 cash

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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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Harper Oil Company, a successful efforts company, has an undeveloped lease for which it paid $180,000. The

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Fundamentals Of Oil And Gas Accounting

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