Denton Oil Incorporated has an account titled Oil and Gas Properties. Denton Oil Incorporated paid $6,400,000 for
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Denton Oil Incorporated has an account titled Oil and Gas Properties. Denton Oil Incorporated paid $6,400,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $530,000 for additional geological tests of the property and $460,000 to prepare for drilling. During the first year, Denton Oil Incorporated removed and sold 82,000 barrels of oil. Record all of Denton Oil Incorporated’s transactions, including depletion for the first year.
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Related Book For 
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780137858651
8th Edition
Authors: Tracie Miller Nobles, Brenda Mattison
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