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Assuming that prospect depletes 20 of the oil discovered in

Question - During 2016, Prospect Oil Corporation incurred $4,600,000 in exploration costs for each of 20 oil wells drilled in 2016. Of the 20 wells drilled, 14 were dry holes. Prospect uses the successful efforts method of accounting. Assuming that Prospect depletes 20% of the oil discovered in 2016, what amount of these exploration costs would remain in its 12/31/16 balance sheet?

$22.08 million

$27.60 million

$16.48 million

$37.28 million

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Accounting Basics: Assuming that prospect depletes 20 of the oil discovered in

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