The 2014 annual report of Fracking,Inc. ,provides the following disclosures regarding its oil and gas operations:
During 2014,the company reported exploration expenses totaling $306 million,and depreciation,depletion,and amortization totaling $1,198 million.The amount of capitalized costs for the fiscal years ending December 31,2014,and 2013,were:
Fracking uses the successful-efforts method to account for exploration costs.
Required:
Definitions:
Catalyzes
To increase the rate of a chemical reaction without undergoing any permanent chemical change, often pertaining to the action of enzymes.
Cofactor
A non-protein chemical compound or metallic ion that is required for a protein's biological activity to occur.
Enzymes
Substances of biological origin that greatly enhance the speed of most chemical interactions happening in cellular environments.
Enzymatically Catalyzed
A process facilitated by enzymes to speed up chemical reactions in biological systems.
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