Indicate How Each Event Affects the Financial Statements

Essay

Indicate how each event affects the financial statements. Use the following letters to record your answer in the box shown below. If an event increases one account and decreases another account equally within the same element, record I/D. If an event has no impact on the element, record NA. You do not need to enter dollar amounts.Increase = I Decrease = D Not Affected = NAGulfshore Oil Company recognized $2,000,000 of depletion expense related to an oil reserve.