Big Bend Oil Company sold 100 barrels of oil to Roadrunner Refinery Corp. at the price of $60/bbl. Big Bend Oil Company owns 100% of the working interest and Kitty Jaguar owns a 1/8 royalty interest on the field. The severance tax rate is 5% and Roadrunner Refinery Corp. disbursed the royalty and remitted all taxes.

Required: Prepare the journal entries to record revenues for Big Bend Oil Company.