Following are information related to East Oil Company for years 2018 and 2019:Unproved property proved during 2019Allowance for impairment, unproved property (31/12/2018)DD&A Expense-leasehold (31/12/2018)DD&A Expense-wells (31/12/2018)Wells-in-progress- IDC (2019)Wells & equipment -IDC (2019)$200,00080,0001,31843,548100,0001,800,000Wells & equipment- L&WE (2019)Production (2019)730,00060,000bblProved reserves (31/12/2019)2,940,000 bblProved developed reserves (31/12/2019)1,940,000 bblCalculate DD&A of leasehold and wells and equipment for 2019.

Leasehold property means the property that has a lease. It represents that the property has been…

Following are information related to East Oil Company for years 2018 and 2019: Unproved property proved during 2019 Allowance for impairment, unproved property (31/12/2018) DD&A Expense-leasehold (31/12/2018) DD&A Expense-wells (31/12/2018) Wells-in-progress- IDC (2019) Wells & equipment -IDC (2019) Wells & equipment- L&WE (2019) Production (2019) $200,000 80,000 1,318 43,548 100,000 1,800,000 730,000 60,000bbl Proved reserves (31/12/2019) 2,940,000 bbl

Following are information related to East Oil Company for years 2018 and 2019: Unproved property proved during 2019 Allowance for impairment, unproved property (31/12/2018) DD&A Expense-leasehold (31/12/2018) DD&A Expense-wells (31/12/2018) Wells-in-progress- IDC (2019) Wells & equipment -IDC (2019) Wells & equipment- L&WE (2019) Production (2019) $200,000 80,000 1,318 43,548 100,000 1,800,000 730,000 60,000bbl Proved reserves (31/12/2019) 2,940,000 bbl

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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