Tiger Oil began operations on January 1, 20XA. Assume the following facts about Tigers first two years

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Tiger Oil began operations on January 1, 20XA. Assume the following facts about Tiger’s first two years of operations. All reserve and production quantities apply only to Tiger Oil’s interest. Ignore the computations for future income tax.

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REQUIRED:

a. Prepare the required disclosures under ASC 932-235-50, assuming Tiger is a successful efforts company.

b. Assume instead that Tiger is a full cost company that amortizes all possible costs. Prepare only those disclosures that would differ under full cost compared to successful efforts.

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