Prepare income statements under successful efforts

Reference no: EM132648412

Question 1: Prepare Income Statements under Successful Efforts (SE) and Full Cost (FC) accounting methods for Dylon Oil Company based on the revenue and costs for fiscal year 2019 as presented below.


Revenue	$14,600,000
G&G Costs	$ 600,000
Acquisition Costs	$ 2,000,000
Exploratory Dry Holes	$ 4,000,000
Successful Exploratory Wells	$ 3,000,000
Development Wells, Dry	$ 1,000,000
Development Wells, Successful	$ 800,000
Production Facilities	$ 700,000
Production/Lifting Costs	$ 100,000
Amortization for 2019 SE	$ 200,000
Amortization for 2019 FC	$ 400,000

Reference no: EM132648412

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