Determine the amount of the e-e asset to be capitalised

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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

 

 

Require

Question 1: Determine the amount of the E&E asset to be capitalised by Hunter Mining Lted in relation to the area of interest.

Reference no: EM132584820

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