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  3. near the end of 2007, king oil company drilled an

Near the end of 2007, King Oil Company drilled an exploratory well that found oil,...

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Accounting

Near the end of 2007, King Oil Company drilled an exploratory well that found oil, but not in commercially producible quantities unless the price of oil went up from $25 per barrel to $30 per barrel. King decided to defer classification of the well for up to one year because its financial advisors felt that there was a high probability that oil prices would go up during the next year. Please comment.

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