Can you prepare journal entries for the two leases. will thumbs up if correct! :)...
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Can you prepare journal entries for the two leases. will thumbs up if correct! :)
Charles Oil Incorporated capitalized the following costs relating to two unproved leases: Charles Oil Incorporated negotiated a new lease on Lease C immediately following the end of the primary term. The lease bonus was $150/ acre on the new lease. Before the end of the primary term, Charles Oil also obtained a new lease on Lease D at a lease bonus rate of $130/ acre. This lease was to take effect prior to the end of the primary term. REQUIRED: Prepare journal entries for the two leases
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