Accounting for the oil, During 2014, 24,000 barrels of oil

Accounting for the oil

Reference no: EM13972367

On March 1, 2014, Anniston Company purchased an oil well at a cost of $1,846,000. It is estimated that 240,000 barrels of oil can be produced over the remaining life of the well and the residual value of the well will be $190,000. During 2014, 24,000 barrels of oil were produced and 18,100 barrels were sold. Which of the following statements is correct with respect to the accounting for the oil well?

Reference no: EM13972367

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