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Determine the impairment charge for each lease for the year

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Question - Sandman Oil Company, a successful efforts company, has three fields, A, B, and C. Costs and cash flows for the three fields are as follows:

 

Field A

Field B

Field C

Net capitalized costs

4,000,000

5,000,000

6,000,000

Expected undiscounted future cash flows

4,500,000

4,000,000

5,000,000

Expected discounted future cash flows

3,850,000

3,900,000

3,700,000

Determine the impairment charge for each lease for the year.

Reference no: EM132113250

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