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| C7- 1.
On 1 Oct 2010, Cam is a oil company. It extract crude oil from seabed. After the end of extraction,Cam will restore the seabed although it is not legally bound to do so. Cam also communicated the intention to third party. The cost of this will be $20 million based on present value as a 1 Oct 2010 (discounted at 8%) of the estimated cost in 10 year’s time. Required: Please advise how above issue will be presented in Cam’s financial statement for year ended 30 Sep 2011 |