During 2019, Chadax Oil Company obtained the following leases: Lease Acres A 5,000 B 4,000...
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Accounting
During 2019, Chadax Oil Company obtained the following leases:
Lease Acres
A 5,000
B 4,000
After obtaining these leases, Chadax Oil Company incurred shooting rights on Leases A and C at $1.25 /acre
and incurred the following costs:
Salaries for exploration activities $70,000
Mapping costs for exploration activities 35,000
Minor repairs of G&G exploration equipment 1,500
During 2019, Chadax Oil Company obtained the following leases: After obtaining these leases, Chadax Oil Company incurred shooting rights on Leases A and C at $1.25 /acre and incurred the following costs
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