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Find what amount initially recognized as exploration asset

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Reference no: EM132805654

Harry Company is involved in the exploration for mineral rights. During the current year, the entity incurred the following expenditures:

Exploratory drilling for minerals on site 2,000,000

Road and infrastructures to access exploration site 3,500,000

Expenditures relating to subsequent development of resources 3,400,000

Problem 1: What amount should be initially recognized as exploration asset?

a. 2,000,000

b. 5,400,000

c. 5,500,000

d. 8,900,000

Reference no: EM132805654

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