Jack Minerals Ltd has exploration licenses for the areas of interest of P and Q. Jack Minerals Ltd incurs the exploration and evaluation costs for Site P of $120 million and Site Q of $200 millon in 2020 during the year ended 31 December 2020. In relation to the above expenditures, 50 per cent relates to intangible assets and the balance of the expenditure relates to property, plant and equipment. At the end of 2020, oil of an economically recoverable nature is discovered at Site P, but Site Q is abandoned. Production begins in 2021. Site P is estimated to have 2 000 barrels. The current sale price is $2 million per barrel. During 2021, 200 barrels are extracted at a total production cost of $6 million and 100 barrels are sold. REQUIRED Provide the journal entries for 2020 and 2021 using the area-of-interest method. Assume pre-production costs are amortised or depreciated using the production-output method. Exclude journal narrations.