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During 2024, a company incurred $3,800,000 in exploration costs for each of 20 oil wells drilled in 2024. Of the 20 wells drilled, 10 were

During 2024, a company incurred $3,800,000 in exploration costs for each of 20 oil wells drilled in 2024. Of the 20 wells drilled, 10 were dry holes. The company uses the successful efforts method of accounting. Assuming that the company depletes 20% of the oil discovered in 2024, what amount of these exploration costs would remain in its 12/31/2024 balance sheet?

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