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55. Berrl Ltd is a mining firm incorporated on 1 July 2012 to engage in the exploration of iron ore in southern New South Wales On 30 June 2013 the records show that the entity had incurred the following exploration and evaluation costs for area of interest A and area of interest B Area of interest A S100 000 300 000 200 000 600 000 Area of interest B S200 000 200 000 100 000 500 000 Acquisition costs- mining tenements Exploration costs Evaluation costs Total On 30 June 2013 area of interest B was evaluated by the board of directors to be not economically feasible and abandoned the site. What is the effect of the above transactions on the statement of financial position and the statement of comprehensive income of Berrill Ltd using the area-of-interest method? A. Statement of financial position Statement of comprehensive income Increase asset by $1.1 million No effect Statement of financial position Statement of comprehensive income Increase asset by S0.6 million Increase expense by S0.5 million