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11. Lynx Oil Company produced a total of 1,200 bbls of oil in June 2021. The selling price was $80/bbl. The purchaser pays the severance

11. Lynx Oil Company produced a total of 1,200 bbls of oil in June 2021. The selling price was $80/bbl. The purchaser pays the severance taxes and the royalty interest owner and remits the remainder to Lynx Oil. The royalty interest is 1/5, and the severance tax rate is 10%. Record the journal entries for both Lynx Oil Company AND the royalty interest owner

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