The following data for Seaside Petroleum relates to unproved property: REQUIRED: a. Give the entries to record

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The following data for Seaside Petroleum relates to unproved property:

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REQUIRED:

a. Give the entries to record the abandonment of both Lease A and Lease B.

b. Give the entries assuming instead that both Lease A and Lease B were proved.

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Fundamentals Of Oil And Gas Accounting

ISBN: 9781593703639

6th Edition

Authors: Charlotte Wright

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Question Posted: Mar 08, 2024 10:02 AM

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The following data for Seaside Petroleum relates to unproved property: REQUIRED: a. Give the entries to record

Question:

Unproved property-Lease Alpha (significant) ... Allowance for impairment-Lease Alpha..... Unproved property-Lease Beta (insignificant).. Allowance for impairment, group basis ... $850,000 300,000 45,000 600,000

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Fundamentals Of Oil And Gas Accounting

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