Sheldon Exploration Corp. (SEC) is in the exploration and evaluation phases of mining for zinc in Manitoba. The company incurred the following costs in 2020: Prospecting costs $175,000 Mine closure costs 13,000 Trenching and sampling costs 108,000 Costs to transport zinc from the mine for processing 46,000 Exploratory drilling costs 60,000 Extraction costs 550,000 SEC reports under IFRS. What are SEC’s exploration and evaluation costs for the zinc mine in 2020? Question 15 options:
Sheldon Exploration Corp. (SEC) is in the exploration and evaluation phases of mining for zinc in Manitoba. The company incurred the following costs in 2020: Prospecting costs $175,000 Mine closure costs 13,000 Trenching and sampling costs 108,000 Costs to transport zinc from the mine for processing 46,000 Exploratory drilling costs 60,000 Extraction costs 550,000 SEC reports under IFRS. What are SEC’s exploration and evaluation costs for the zinc mine in 2020? Question 15 options:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Sheldon Exploration Corp. (SEC) is in the exploration and evaluation phases of mining for zinc in Manitoba. The company incurred the following costs in 2020:
| Prospecting costs | $175,000 |
| Mine closure costs | 13,000 |
| Trenching and sampling costs | 108,000 |
| Costs to transport zinc from the mine for processing | 46,000 |
| Exploratory drilling costs | 60,000 |
| Extraction costs | 550,000 |
SEC reports under IFRS. What are SEC’s exploration and evaluation costs for the zinc mine in 2020?
Question 15 options:
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