Unproved property costs relative to the Williams lease were $40,000 at January 1, 2019. During 2019, $400,000
Question:
Unproved property costs relative to the Williams lease were $40,000 at January 1, 2019. During 2019, $400,000 of drilling costs were incurred on the Williams lease. An 8%, $500,000 note is outstanding during the entire year and was obtained to finance the drilling program.
REQUIRED: Compute the interest capitalization amount and record the interest.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Related Book For
Question Posted: