Recognition of E&E assets   LO7 Mining Ltd has incurred the following costs during the period in relation to a specific area of interest. Its accounting policy is to capitalise all E&E costs on an area of interest basis. Cash paid to acquire seismic study from government that is selling exploration rights for the area (GST exempt) $ 3 000 Cash paid to acquire exploration rights for the area from government (GST exempt) 10 000 Cash paid to acquire fencing materials to mark out the area of interest, including GST of $80 880 Contractor fees for labour to set up the fencing, including GST of $50 550 Contractor fees for exploratory drilling, including GST of $2500 27 500 Hire of drilling equipment for contractor use, including GST of $500 5 500 Salary of project manager hired specifically to manage E&E activities in the area 60 000 Stationery and other office supplies used by the project manager, including GST of $30 330 Mining Ltd non-executive directors’ fees paid during the period 160 000 Required Determine the amount of the E&E asset to be capitalised by Mining Ltd in relation to the area of interest.