Question: I need the solution On January 2, 2012, as a result of G&G work done in 2011, Tyler decided to lease 1,000 acres at $20/acre.
On January 2, 2012, as a result of G&G work done in 2011, Tyler decided to lease 1,000 acres at $20/acre. The lease was undeveloped. Date Account Title and Explanations Debit Credit Early 2012, Tyler decided to begin drilling operations and had additional seismic studies conducted as a cost of $100,000 to select a specific drillsite Date Account Title and Explanations Debit Credit In preparing the drilling site, Tyler incurred costs of $25,000 in clearing and leveling the site and in building an access road Date Account Title and Explanations Debit Credit Additional preparation costs of $30,000 were incurred in digging a mud pit and installing a water line. Pipes for the water line cost $10,000 (done by a contractor). Credit Date Account Title and Explanations
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