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Alan Energy Corporation acquired a lease with a four-year primary term, paying $350/acre. During the next three years, Alan drilled three dry holes on the

Alan Energy Corporation acquired a lease with a four-year primary term, paying $350/acre. During the next three years, Alan drilled three dry holes on the property.With one more year of the primary term left, Alan still intends to try one more time.

REQUIRED: Should any impairment be recognized

on the property?

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