The following costs relate to Good Luck Lease as of 12/31/20: During early January of 2021, Well

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The following costs relate to Good Luck Lease as of 12/31/20:

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During early January of 2021, Well No. 2 quit producing and was abandoned. In March 2021, Well No.1 quit producing, and the well and the lease were abandoned.

REQUIRED: Prepare journal entries for the abandonments.

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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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The following costs relate to Good Luck Lease as of 12/31/20: During early January of 2021, Well

Question:

Proved property. Accumulated DD&A-proved property. Well No. 1: Wells and equipment Well No. 2: Wells and equipment Accumulated DD&A-wells.. $ 100,000 30,000 350,000 420,000 500,000

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Fundamentals Of Oil And Gas Accounting

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