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10. Lawrence Pipeline Company purchased 300 barrels of oil from Stout Oil Company. The gross value of the oil was $30,000. The severance tax rate

10. Lawrence Pipeline Company purchased 300 barrels of oil from Stout Oil Company. The gross value of the oil was $30,000. The severance tax rate is 5%. Give the journal entry to record revenue and severance taxes for Stout, assuming Lawrence disbursed the royalty and remitted all taxes, and assuming a division order as follows: 20 Stout Oil Company: Interest = 0.75 Royalty Owner: Interest = 0.25

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