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What journal entry should sleigh corp record on december

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Question - On January 1, 2020, Sleigh Corp acquires land in the arctic circle for $2,250,000 and incurs exploration costs to discover oil of $850,000. Both expenditures are made with cash. Sleigh Gorp estimates that the land has 200,000 barrels of oil on the land. Sleigh Corp estimates the land to have no residual value. During the first year, Sleigh Corp extracts 30,000 barrels of oil and sells 22,000 barrels for $25 per barrel. All sales are cash sales. Assume that all journal entries associated with the extraction and sales of oil are recorded on December 31. What journal entry(ies) should Sleigh Corp record on December 31, 2020? Write "NONE" if no journal entry is required.

Reference no: EM133151663

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