Richards Oil Company, a successful efforts company, has an undeveloped property for which it paid $80,000. The
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Richards Oil Company, a successful efforts company, has an undeveloped property for which it paid $80,000. The property is not considered to be individually significant.
REQUIRED: Make the journal entries to record Richards Oil Company’s conveyance of 30% of the working interest in return for:
a. $30,000 cash
b. $100,000 cash
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