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In 2010, Dale Company purchased a tract of land as a possible future plant site. In January, 2018, valuable sulphur deposits were discovered on adjoining property and Dale Company immediately began explorations on

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In 2010, Dale Company purchased a tract of land as a possible future plant site. In January, 2018, valuable sulphur deposits were discovered on adjoining property and Dale Company immediately began explorations on its property. In December, 2018, after incurring $480,000 in exploration costs, which were accumulated in an expense account, Dale discovered sulphur deposits appraised at $2,700,000 more than the value of the land. To record the discovery of the deposits, Dale should:
A – name no entry

B – debit $ 2,700,000 to an asset account

C – debit $4800,000 to an asset account

D – debit 43,180,000 to an asset account

 
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