14. During the calendar year 2015, Deep Corporation had the following transactions on an unproved...
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14. During the calendar year 2015, Deep Corporation had the following transactions on an unproved property: Grant #1 was drilled, with IDC costs of $310,000 and equipment costs of $42,000. The well was determined to be dry and was plugged and abandoned at a cost of $10,000. Salvaged equipment placed in inventory was valued at $8,000. Prepare journal entries for the transactions. 125
14. During the calendar year 2015, Deep Corporation had the following transactions on an unproved property: Grant \#1 was drilled, with IDC costs of $310,000 and equipment costs of $42,000. The well was determined to be dry and was plugged and abandoned at a cost of $10,000. Salvaged equipment placed in inventory was valued at $8,000. Prepare journal entries for the transactions
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