Indicate whether each of the following costs would be expensed (E) or capitalized (C) under full cost
Question:
Indicate whether each of the following costs would be expensed (E) or capitalized
(C) under full cost (FC) and successful efforts (SE) accounting.
Transcribed Image Text:
Cost a. Aerial magnetic study-an area of interest is identified b. Seismic studies on 20,000 acres-no land is leased c. Brokers' fees d. Bottom-hole contribution: Well is productive. Well is dry. e. Dry-hole contribution f. Delay rental payment g. Cost of landmen in acquiring properties h. G&G to select specific drillsite i. Cash bonus j. Productive exploratory drilling: Intangible costs Tangible costs k. Lease record maintenance on unproved properties I. Exploratory dry-hole drilling Intangible costs Tangible costs m. Shooting rights n. Development dry-hole drilling: Intangible costs Tangible costs o. Production costs SE FC
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