2 Shaftie Ltd, an oil exploration company, commenced operations on 1 January 2017. Shaftie Ltd's balance date for its financial statements is 31 December. During the reporting period ended 31 December 2017 Shaftie Ltd explored three areas and incurred the following costs. All $ amounts are expressed in millions: Site Black Blue Grey Acquisition Costs ($m) 30 20 24 Exploration Costs ($m) 50 32 48 Total ($m) 80 52 72 In 2018, oil is discovered at Black, while Blue is abandoned. Grey has not reached a stage which permits a reasonable assessment of the existence or otherwise of economically recoverable reserves, and active significant operations in the area are continuing. The acquisition costs relate to intangible assets and the exploration costs relate to tangible assets (to be written off on a production basis). The production commences at Black at the beginning of 2019. Black is estimated to have 25 million barrels. Current sale price is $65 per barrel. Five million barrels are extracted at a production cost of $15 million, and 3 million barrels are sold in 2019. Required Provide the journal entries (excluding narrations) for 2017, 2018 and 2019 using the area of interest method