arp Field is jointly owned by G Tharp Field 28. and Garza Company (30% WI). Th operator, and a shared proportionally by Gay have agreed that Gavin's nu urchaser will take gas produce September. Assume each w owned by Gavin Company (70% WI), which acts as field any (30% WI). There is a 1/6 royalty. The 1/6 royalty Gavin and Garza. The two working interest owners vin's purchaser will take gas produced in July, and Garza's gas produced in August. Gas allocations will be equalized in e each working interest owner receives payment only for gas delivered to his pur Gross production and od to his purchaser(s). Ignore severance taxe oduction and gas prices were as follows: Price July August September Production 100,000 Mcf 120,000 Mcf 190,000 Mcf $8.00/Mcf 8.00/Mcf 8.00/Mcf FUNDAMENTALS OF OIL & GAS ACCOUNTING REQUIRED: a. Prepare the gas balance report for Gavin Company to summarize the production deliveries and equalization of gas for July through September b. Prepare the journal entries for each company during the three-month period assuming that both companies use the sales method for both revenue and royalty. c. Prepare the journal entries for each company during the three-month period, assuming that both companies use the entitlement method for both revenue and royalty