GoodResources Incurred the Following Costs How Much Would Be Capitalized as "Property, Plant or Equipment

question 60

Multiple Choice

GoodResources incurred the following costs: $$\begin{array} { | l | c | c | c | } \hline \text { Mine Site } & \begin{array} { c } \text { Costsincurred in } \\\text { exploration and } \\\text { evaluation }\end{array} & \begin{array} { c } \text { Costs incurred in } \\\text { development }\end{array} & \text { Status at year-end } \\\hline \text { Alpha } & 300,000 & 100,000 & \begin{array} { c } \text { Producing } @ 5 \% \text { of } \\\text { reserves }\end{array} \\\hline \text { Beta } & 200,000 & & \text { Abandoned } \\\hline \text { Zeta } & 100,000 & 200,000 & \text { In development } \\\hline\end{array}$$ How much would be capitalized as "property, plant or equipment" under the successful efforts method?

• A)$100,000
• B)$200,000
• C)$300,000
• D)$700,000

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Definitions:

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Taxes

Mandatory financial charges or levies imposed by a government on individuals or organizations to fund public expenditures.

Government Regulations

Rules and laws established by government agencies to control and guide the operation of businesses and individuals.

Small Businesses

Entities that are privately owned, operate with a small number of employees, and typically have a low volume of sales.