Libby petroleum incurred and paid the following costs during 2019: Acquisition costs Well type Drilling costs: Drilling
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Libby petroleum incurred and paid the following costs during 2019:
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Acquisition costs Well type Drilling costs: Drilling contractor's charges-day-rate Casing Production equipment Well logs Drilling results Lease A Unproved 180,000 30,000 Lease B Unproved A $ 30,000 $ 35,000 Exploratory Exploratory Development Development Lease C Proved Purchased in 2019 200,000 $160,000 35,000 28,000 75,000 15,000 10,000 Well dry; Found proved abandon lease reserves REQUIRED: Record the above transactions. Lease D Proved Purchased in 2019 12,000 Well dry $190,000 22,000 80,000 14,000 Found proved reserves Acquisition costs Well type Drilling costs: Drilling contractor's charges-day-rate Casing Production equipment Well logs Drilling results Lease A Unproved 180,000 30,000 Lease B Unproved A $ 30,000 $ 35,000 Exploratory Exploratory Development Development Lease C Proved Purchased in 2019 200,000 $160,000 35,000 28,000 75,000 15,000 10,000 Well dry; Found proved abandon lease reserves REQUIRED: Record the above transactions. Lease D Proved Purchased in 2019 12,000 Well dry $190,000 22,000 80,000 14,000 Found proved reserves
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Libby petroleum Unproved lease A Exploratory well drilling costs Drilling contractors charg... View the full answer
Related Book For
South Western Federal Taxation 2015
ISBN: 9781305310810
38th edition
Authors: William H. Hoffman, William A. Raabe, David M. Maloney, James C. Young
Posted Date:
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