16. Ebasan Company is involved in the exploration for mineral resources. Its policy is to recognize exploration assets and measure them initially at cost. The following amounts were extracted from Ebasan's financial statements: Trenching and sampling expenditure P500,000 300,000 Drilling rigs used for exploration, carrying amount Drilling rigs used for exploration, depreciation expense 30,000 In accordance with PFRS 6 Exploration for and evaluation of mineral resources, at what amount should intangible exploration assets be initially recognized at in the financial statements? A. 500,000 B. 800,000 C. 530,000 D. 830,000

16. Ebasan Company is involved in the exploration for mineral resources. Its policy is to recognize exploration assets and measure them initially at cost. The following amounts were extracted from Ebasan's financial statements: Trenching and sampling expenditure P500,000 300,000 Drilling rigs used for exploration, carrying amount Drilling rigs used for exploration, depreciation expense 30,000 In accordance with PFRS 6 Exploration for and evaluation of mineral resources, at what amount should intangible exploration assets be initially recognized at in the financial statements? A. 500,000 B. 800,000 C. 530,000 D. 830,000

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Description: 16. Ebasan Company is involved in the exploration for mineral resources. Its policy is to recognize explorationassets and measure them initially at cost. The following amounts were extracted from Ebasan's financialstatements:Trenching and sampling e

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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