11. Given the following costs for Lease A, all incurred during 2018, prepare income statements...
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11. Given the following costs for Lease A, all incurred during 2018, prepare income statements and unclassified partial balance sheets for a successful efforts (SE) company and a full cost (FC) company Acquisition costs $ 30,000 G&G costs... 80,000 Exploratory dry holes. 1,500,000 Successful exploratory holes 350,000 Development wells, dry .... 200,000 Development wells, successful 475,000 Cost of production facilities 250,000 Production costs. 60,000 DD&A* .. 55,000 (SE); 125,000 (FC) Accumulated DD&A . 150,000 (SE); 360,000 (FC) Revenue from sale of oil. 225,000 *Depreciation, depletion, and amortization
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