Duncan Corporation leased 3,000 unexplored acres, paying a lease bonus of $160/acre. Delay rentals are specified at
Question:
Duncan Corporation leased 3,000 unexplored acres, paying a lease bonus of $160/acre. Delay rentals are specified at a rate of $4/acre. The lease also specified that Duncan Corporation could abandon the lease in 1,000-acre portions. At the end of year 1, Duncan Corporation abandoned 2,000 acres and paid a delay rental on the remainder.
REQUIRED:
Prepare journal entries for the above activities.
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