solve Question 10

with same account names in Question 16

10. Hard Luck Oil Company incurred the following costs during 2008: a. began drilling an exploratory-type stratigraphic test well, incurred $50,000 of IDC b. began drilling an exploratory-type stratigraphic test well, incurred $80,000 of IDC and $10,000 in equipment costs c. began drilling a development-type stratigraphic test well, incurred $100,000 of IDC d. began drilling a development-type stratigraphic test well, incurred $200,000 of IDC and $30,000 in equipment costs The following results were obtained late in 2008: a. well was determined to be dry b. well found proved reserves c. well found proved reserves d. well was determined to be dry Prepare the necessary entries. Q16- Eta Oil Corporation incurred the following costs during the year: a. Began drilling an exploratory-type stratigraphic test well, incurred $60,000 of IDC of IDC and $20,000 in equipment costs b. Began drilling an exploratory-type stratigraphic test well, incurred $80,000 c. Began drilling a development-type stratigraphic test well, incurred $250,000 of IDC d. Began drilling a development-type stratigraphic test well, incurred $300,000 of IDC and 80,000 in equipment costs. The following results were obtained late in the year: a. The well in (a) was determined to be dry. b. The well in (b) found proved reserves. c. The well in (c) was determined to be dry. d. The well in (d) found proved reserves. REQUIRED: Prepare the necessary entries