Question 6:(16 Marks)The Companyexplores, develops, and produces aluminum. During 2018, the company engaged in the following activities.Alpha Hills: Produced and sold 30,000 tonnes of aluminum, leaving reservesof 170,000 tonnes at the end of 2018. The average selling price per tonne was $1,150 while operating costs were $15 million at Alpha Hills. Intangible exploration costs that remained unamortized at the end of 2017 amounted to $30 million, while undepreciated tangible development costs totalled $20 million.Beta Valley: Graystone spent the entire year and $8 million developing this mine site. However, it was not yet ready for production by the end of 2018.Chi Canyon: Graystone began exploring this area foraluminum deposits in April 2018. By December 31, the company had spent $5 million on geological tests and core samples. However, whether Chi Canyon will have sufficient concentrations of aluminum to be productive remains uncertain at year-end.Delta Ridge: Graystone also explored this area in July 2018. By November, the company had spent $2 million on geological tests and core samples. Due to results that did not look promising, the company ceased further exploration in the area.Research and development project: Graystone was also actively engaged in developing a new way to determine the existence of aluminum deposits in a particular location. In 2018, the company spent $12 million on this project. However, the company has not yet been able to demonstrate that its approach is any more effective than existing technologies.The company has a December 31 year-end and follows IFRS.Required:

Record the journal entries relating to the transactions. Assume that Graystone follows IFRS and has a policy of capitalizing the costs of exploration and evaluation. Ensure that the names of accounts clearly identify whether it is an asset or an expense