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Question - Hunter Mining Ltd has incurred the following costs during the period in relation to a specific area of interest. Its accounting policy is to capitalise all E&E costs on an area of interest basis. Ignore GST.
Salaries and other expenses of general management $440 000
Cash paid to acquire exploration rights 86 000
Cash paid to acquire fencing materials to mark out the area-of-interest 20 000
Contractor fees for labour to set up the fencing 35 000
Diamond Ltd- non-executive directors' fees paid 305 000
Bank Fees for banking activities associated with E & E activities 23 500
$909 500
Required - Determine the amount of the E&E asset to be capitalised by Hunter Mining Ltd in relation to the area of interest.
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