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Olive Xaafreen Oil and Gas has been using full cost accounting for 25 years. The...

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Accounting

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Olive Xaafreen Oil and Gas has been using full cost accounting for 25 years. The following data relate to Mars properties as of 31 Dec. 2020: $3.000.000 Capitalized cost. plus future development cost Accumulated DOXA $700.000 Proved reserves: Oil 250,000bbi Proved reserves: Gas 600.000MCE Production in 2020: Oil: 20,000 bbl Sold at average price of $115/obl Gas: 70,000 Mc Sold at average price of $6/Mcf Current prices at 31 December 2020: Oil: $120/bbl Gas: SB/Mcf Compute DD&A using the unit-of-revenue method. Olive Xaafreen Oil and Gas has been using full cost accounting for 25 years. The following data relate to Mars properties as of 31 Dec. 2020: $3.000.000 Capitalized cost. plus future development cost Accumulated DOXA $700.000 Proved reserves: Oil 250,000bbi Proved reserves: Gas 600.000MCE Production in 2020: Oil: 20,000 bbl Sold at average price of $115/obl Gas: 70,000 Mc Sold at average price of $6/Mcf Current prices at 31 December 2020: Oil: $120/bbl Gas: SB/Mcf Compute DD&A using the unit-of-revenue method

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