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Prepare the journal entries to record the transactions

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Question - Dinergy Co. has a pump in its warehouse with a cost of $12,000, including shipping and handling to the warehouse. The pump is new and could be installed in a newly drilled well. The current market value of the pump is $10,000. Dinergy Co. transfers the pump from its warehouse to a jointly owned property in which Dinergy Co. is the operator and has a 40% working interest. Transportation costs from the warehouse to the property total $200, on credit.

Required - Prepare the journal entries to record the above transactions for Dinergy Co.

Reference no: EM132596050

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