Juno Company began exploration of oil in Alaska by paying $800,000 for the drilling rights on a large tract of land. The company drilled 11 oil wells on the land. Four of the wells were unsuccessful dry holes, but the other seven wells struck oil. Assume the company paid $65,000 each for the wells. In addition, the company paid $80,000 in other infrastructure costs associated with the drilling project. Calculate the capitalized cost of Juno Companys oil reserves using the successful efforts method. $1,595,000 $1,020,000 $1,040,000 $1,335,000