Lucky Jim Mining Company NL has been exploring for silver in the Australian outback since 1 July 2018. On 1 July 2020, Lucky Jim Mining Company NL discovers an economically viable deposit of 3,000,000 ounces of silver in an area of interest called Eureka in the Australian outback after two years of exploration and evaluation in that area. The company spends the sums indicated in the table. Eureka Year ended 30 June 2019 Exploration $1,200,000 Year ended 30 June 2020 Exploration $800,000 Evaluation $3,200,000 Year ended 30 June 2021 Exploration zero Development (Mining plant & equipment) $4,800,000 $2,800,000 Production costs (excluding depreciation and amortisation) Administration expenses (period expense) $2,000,000 Selling expenses (period expense) $600,000 Income tax expense (period expense) $400,000 Silver mining commences in the year ended 30 June 2021. In that year, 600,000 ounces of silver are extracted, of which 400,000 ounces are sold for $21.00 per ounce, and 200.000 ounces of silver remain on hand at 30 June 2021. Mining plant and equipment will be worthless when all the silver has been extracted. Mining plant and equipment purchased in year ended 30 June 2021 should be considered part of the mine productive asset. The company complies with AASB 6 and carries forward as an asset as much exploration and development expenditure as possible under the rules in AASB 6. Required: What is the book value of the mine productive asset at 30 June 2021? . $8,666,667 b. $5,800,000 O c. $5,200,000 O d. $8,000,000 $10,000,000