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How much of exploration costs would remain in the company

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Reference no: EM132992557

Black Oil Company spent P4,000,000 on exploration expenses for each of the 15 oil wells developed in 2021. Ten of the fifteen wells drilled were dry holes. The company utilizes the successful efforts accounting method.

Question 1: How much of these exploration costs would remain in the company's Balance Sheet in Dec. 31, 2021, if it depleted 30% of the oil found in 2021?

 

Reference no: EM132992557

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