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What is the oil and gas exploration expense to be reported

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Question - Crest Company started business at the beginning of the current year. During the year, the entity had oil and gas exploration costs of P5,000,000. Of these costs, P1,000,000 was associated with successful wells and P4,000,000 with so called dry holes. All of the costs were incurred during the year. The entity uses the successful effort method. What is the oil and gas exploration expense to be reported for the year?

Reference no: EM132789189

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