8. Spartan Oil Company drilled its first successful well on Lease A in 2006. Data...
90.2K
Verified Solution
Link Copied!
Question
Accounting
8. Spartan Oil Company drilled its first successful well on Lease A in 2006. Data for lease A as of 12/31/06 are as follows: Leasehold costs $ 50,000 IDC of Well - 200,000 L&W equipment -75,000 Production during 2006 8,000 bbl Total Estimated proved reserves 12/31/06 792,000 bbl Total reserves recoverable from well 12/31/06 -102,000 bbl Compute the amortization for 2006
8. Spartan Oil Company drilled its first successful well on Lease A in 2006. Data for lease A
as of 12/31/06 are as follows:
Leasehold costs $ 50,000
IDC of Well - 200,000
L&W equipment -75,000
Production during 2006 8,000 bbl
Total Estimated proved reserves 12/31/06 792,000 bbl
Total reserves recoverable from well 12/31/06 -102,000 bbl
Compute the amortization for 2006
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.