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What amount of exploration cost be reported in december

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Reference no: EM132811743

During 2020, Dual Company incurred P 4,000,000 in exploration cost for each of 15 oil wells drilled in 2020.

  • Of the 15 wells drilled, 10 were dry holes. The entity used the successful effort method of accounting. The entity depleted 30% of the oil discovered in 2020.

Question 1: What amount of exploration cost should be reported in the December 31, 2020 statement of financial position?

Reference no: EM132811743

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