Question: During 2 0 2 4 , a company incurred $ 4 , 0 0 0 , 0 0 0 in exploration costs for each of

During 2024, a company incurred $4,000,000 in exploration costs for each of 15 oil wells drilled in 2024. Of the 15 wells drilled, 10 were dry holes. The successful efforts method of accounting. Assuming that the company depletes 30% of the oil discovered in 2024, what amount of these exploration costs wo 12/31/2024 balance sheet? 04-40.26 Multiple Choice $6 million $20 million $42 million $14 million

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