2,150,000 1,750,000

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Ephrayim Oil and Gas Company abandoned a proved property late in 2020.
Costs relating to the property are as follows:
Proved property
Wells and Equipment
Exploratory dry holes
Paid-up Ordinary Shares
2,150,000
1,750,000
480,000
18,500,000
Journalized the transaction:
Transcribed Image Text:Ephrayim Oil and Gas Company abandoned a proved property late in 2020. Costs relating to the property are as follows: Proved property Wells and Equipment Exploratory dry holes Paid-up Ordinary Shares 2,150,000 1,750,000 480,000 18,500,000 Journalized the transaction:
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