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Need journal entries for the transactions

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Question - Need journal entries for the transactions

1. During the calendar year, 2005 Gonzales Company had the following transactions on an unproved property. Drilled Morgan #1 with IDC costs of $310,000 and equipment cost of $42,000

2. The well was determined to be dry and was plugged and abandoned at a cost of $10,000. Salvaged equipment placed in inventory was valued at $8.000.

Reference no: EM132707739

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