On 1 July 2020. Shang-Chi Ltd (SCL) acquired a license allowing them to explore an offshore field for its oil mining potential. The cost of this licence was $2 million. The licensing agreement has a fixed term of seven (7) years. The agreement requires restoration of the field at the end of the term. The estimated cost of restoration at 1 July 2020 was $500.000. During the financial year ended on 30 June 2021. SCL spent a further $2 million developing the field. Oil production commenced on 1 July 2021. At that date, the amount of total oil estimated within the field was 2 million barrels. During 2022 financial year, SCL extracted 30,000 barrels at a production cost of $600,000 and sold 25,000 barrels. A discount rate of 3% has been identified as best reflecting the market conditions and risk profile of SCL's operation. Required: Calculate the amounts of amortisation cost and finance cost to be recognised in SCL's Statement of Comprehensive Income for the year ended on 30 June 2022. Show all calculations. You are provided with the following Present Value Tables: You are provided with the following Present Value Tables: Present Value of $1 Periods 2% 3% 4% 5 0.906 0.863 0.822 6 0.888 0.837 0.790 7 0.871 0.813 0.760 Present Value of Annuity in Arrears of $1 Periods 2% 3% 4% 5 4.713 4.580 4.452 6 5.604 5.417 5.242 7 6.472 6.230|6.002