Tharp Energy purchased land in fee for $100,000. The fair market values of the surface and mineral

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Tharp Energy purchased land in fee for $100,000. The fair market values of the surface and mineral rights were determined by a qualified appraiser as follows:

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REQUIRED: Prepare a journal entry to record the purchase.

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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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Tharp Energy purchased land in fee for $100,000. The fair market values of the surface and mineral

Question:

Surface rights Mineral rights $80,000 40,000 $120,000

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Fundamentals Of Oil And Gas Accounting

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