Xtreme Petroleum owns equipment that originally cost $50,000. The equipment is currently being used on Lease A.
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Xtreme Petroleum owns equipment that originally cost $50,000. The equipment is currently being used on Lease A. Xtreme Petroleum owns a 60% working interest in Lease A and serves as the operator of the lease. The company plans to use the equipment on a lease wholly owned by Xtreme Petroleum. The equipment is transferred to the company’s warehouse.
REQUIRED: Prepare the entry to record the transfer under each of the following independent situations:
a. The equipment is in Condition B and originally was Condition A when transferred to the property. The current market price is $80,000.
b. The equipment is in Condition C, and Xtreme Petroleum will pay for the reconditioning. The current market price is $80,000.
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