Norton Energy decided to explore some acreage in Wyoming before acquiring any leases. Norton acquired shooting rights only on 10,000 acres owned by Mr. T
for $1.00/acre Norton obtained shooting rights coupled with an option to lease on 15.000 acres owned by Mr. H for $0.25/acre. After completing G&G surveys at a cost of $92,000. Norton decided to lease 1,000 acres from Mr. T, paying a bonus
of Norton also decided to lease 1,500 acres from Mr. H, paying the same bonus of $350/acre. Norton's income statement has seen better days, although it will not help much, Norton decides to capitalize every

REQUIRED:

Give the entries.

Answer rating: 100% (QA)

Particular No 1 Acquired property from T G G Expense A... View the full answer