Martinson Oil Company provides the following information for the year ended December 31, 2021, relating to its
Question:
Martinson Oil Company provides the following information for the year ended December 31, 2021, relating to its properties located in the United States:
REQUIRED:
a. Prepare a ceiling test and an entry, if necessary, for the write-off of capitalized costs. Ignore income taxes.
b. Assuming the PV of future gross revenues is $80,000,000, repeat the requirements for part a.
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