Unger Petroleum Company incurred the following costs during 2018: REQUIRED: Prepare journal entries for the above transactions
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Unger Petroleum Company incurred the following costs during 2018:
REQUIRED: Prepare journal entries for the above transactions using the successful efforts method of accounting.
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March 9 February 3 Cost of G&G activities to locate an oil prospect. Acquisition costs for a 500-acre lease: lease bonus $60/acre; other costs incurred in acquiring the property. 3,000 Dry-hole costs of an exploratory well .... 324,000 Successful exploratory well costs. . . 418,000 August 27 Cost of production facilities such as flow lines and separators 225,000 September 5 Production costs 81,000 June 1 June 28 $120,000 ...
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