answer with must must explanation , narrations computation for each parts and steps answer in text form no copy from other answer 19. Dwight Petroleum has the following account balances at 12/31/21:Lease A: unproved property.Lease B: proved property..Wells and equipment—IDC.Wells and equipment-L&WE$ 50,00060,000210,000180,000The above properties are abandoned in 2022.REQUIRED: Record the abandonment entry assuming the abandonment doesnot significantly affect the amortization per unit.

Lease-A lease is a contract in which the property/assets owners allow another party to use the…

Answered: REQUIRED: Record the abandonment entry…

Business

Accounting

REQUIRED: Record the abandonment entry assuming the abandonment does ot significantly affect the amortization per unit.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.

Question

answer with must must explanation , narrations computation for each parts and steps answer in text form no copy from other answer

19. Dwight Petroleum has the following account balances at 12/31/21:
Lease A: unproved property.
Lease B: proved property..
Wells and equipment—IDC.
Wells and equipment-L&WE
$ 50,000
60,000
210,000
180,000
The above properties are abandoned in 2022.
REQUIRED: Record the abandonment entry assuming the abandonment does
not significantly affect the amortization per unit.

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