a following area in COM & Eureka Corp. explores, develops. produces oil & gas. The co. has Dec. 31 year end and the co follows 9ERS. During 2018 , the Coi engaged im activities: Clear Lake Site: The co explored this 2018. By dec. 2018, spent $1,200,000 during exploration and additional $1,000,000 on development. However this site is not ready for production in 2018. Anzac site! The co. also spent $6, ow, or exploring new site in morthern Alberta. This site was determined to be commercially viable additional $4,000, ww was spent on developing the site. During a the development phase, the incurred $1,200,000 aw 4 a and aw CO year, the a tangible property, plant & equipment with residual value of $10,000. During the company produced and sold So,ooo barrels of oil, leaving reserwes of 3,5o, os barrels at end of year 018. The average selling price per barrel is $ 65 while operating Costs were $ 8.00, 00 Assume all transactions were cash. Based su successful efforts method, prepare journal entries for above 2018 barsections Eureka Corporation calculations. for Show all