REQUIRED: Record the abandonment entry assuming the abandonment does ot significantly affect the amortization per unit.
REQUIRED: Record the abandonment entry assuming the abandonment does ot significantly affect the amortization per unit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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answer with must must explanation , narrations computation for each parts and steps answer in text form no copy from other answer

Transcribed Image Text:19. Dwight Petroleum has the following account balances at 12/31/21:
Lease A: unproved property.
Lease B: proved property..
Wells and equipment—IDC.
Wells and equipment-L&WE
$ 50,000
60,000
210,000
180,000
The above properties are abandoned in 2022.
REQUIRED: Record the abandonment entry assuming the abandonment does
not significantly affect the amortization per unit.
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