Hays Oil Company had the following transactions during the year a Acquired an undeveloped lease, $55,000 b Paid a drilling contractor as follows c Paid costs in evaluating the well, $20,000 d Completion costs for fracturing and perforating, $25,000 REQUIRED Record the transactions Footage rate for ...

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Hays Oil Company had the following transactions during the year: a. Acquired an undeveloped lease, $55,000 b.

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Hays Oil Company had the following transactions during the year:

a. Acquired an undeveloped lease, $55,000

b. Paid a drilling contractor as follows:

image text in transcribed

c. Paid costs in evaluating the well, $20,000

d. Completion costs for fracturing and perforating, $25,000 REQUIRED: Record the transactions.

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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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Hays Oil Company had the following transactions during the year: a. Acquired an undeveloped lease, $55,000 b.

Question:

Footage rate for drilling..... Equipment costs (casing).. $250,000 75,000 Equipment costs (tanks, flow lines, and labor to install equipment).. 50,000

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Fundamentals Of Oil And Gas Accounting

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