Affogato owned a 20% royalty interest in an oil well. Affogato received royalty payments on January 31 for the oil sold between the previous June 1 and November 30, and on July 31 for oil between December 31 and May 31. Production revealed the following sales: June 1, 2020 – November 30, 2020 P3,000,000 December 1. 2020 – December 31, 2020 December 1, 2020 - May 31, 2021 500,000 4,000,000 June 1, 2021 - November 30, 2021 3,250,000

Affogato owned a 20% royalty interest in an oil well. Affogato received royalty payments on January 31 for the oil sold between the previous June 1 and November 30, and on July 31 for oil between December 31 and May 31. Production revealed the following sales: June 1, 2020 – November 30, 2020 P3,000,000 December 1. 2020 – December 31, 2020 December 1, 2020 - May 31, 2021 500,000 4,000,000 June 1, 2021 - November 30, 2021 3,250,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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