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Zayed Oil an offshore lease costing $8,000,000 with 4,000 total acres purchased. Proved reserves are...

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Accounting

Zayed Oil an offshore lease costing $8,000,000 with 4,000 total acres purchased. Proved reserves are found on a 3,000-acre tract that is in 4,000 acres. Management decide to reclassify only the proved area acreage.
Required:
Prepare the entry to record the lease and reclassify the acreage.

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