Cowboy Oil Corporation began operations in 2016. Give the entries, assuming the following transactions in the first three years of operations. Calculate DD&A twice, once assuming no exclusions and once assuming all possible exclusions from the amortization base. Ignore the ceiling test for 2016, but apply it for 2017 and 2018. Calculate the ceiling test twice for each of those years, once assuming no exclusions and once assuming all possible exclusions from the amortization base. Assume all leases are located in the United States. You may combine entries. Note that problem 11 in chapter 5 is similar to this problem. Compare these two problems for a comparison of successful efforts and full cost accounting.
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