Macon Co Acquired Drilling Rights for $7,500,000

question 152

Essay

Macon Co. acquired drilling rights for $7,500,000. The oil deposit is estimated at 37,500,000 gallons. During the current year, 3,000,000 gallons were drilled. Journalize the adjusting entry at December 31, 2011 to recognize the depletion expense.
Journal

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Definitions:

Carol Gilligan

A psychologist who criticized the male-centric views in moral development theory, emphasizing a care-based ethics contrasting with justice-based ethics.

Western European

Refers to the geographic and cultural region of Europe that includes countries such as France, Germany, and the United Kingdom, among others, with its own distinct historical and cultural identity.

Emotional Development

Emotional development is the process through which individuals become aware of, understand, and learn to manage their emotions, a critical aspect of personal and social growth beginning in early childhood.

Kohlberg's Theory

A theory of moral development proposed by Lawrence Kohlberg, suggesting that moral reasoning progresses through a series of stages.