Oil was discovered at Farrar on 17th January 2023. In May 2023 after a review of the prospects for the Rosebery site it was decided to abandon operations there. Development of the Farrar site had continued during the year and at 30th June 2023$25 million had been incurred. This cost relates to the construction of plant and equipment. These costs are to be written off on a production basis. It is estimated that there are 5,700,000 barrels which has a current sale price of $65 per barrel. By the 30th June 20231,900,000 barrels had been extracted at a production cost of $8 per barrel of which 1,500,000 barrels were sold. Required Record this first year's transactions by journal entry using the area of interest method. Where necessary round to two decimal places. The Durak Mining Company started mining operations on 1 July 2022. In the year to the 30th June 2023 two areas were explored, Farrar and Rosebery. The following costs were incurred