f.) In 2018 Magnificent Company Limited leased the mineral rights in a property in Nyamekye Community, agreeing to a 20% royalty. The joint working interest in the property is owned by the following companies: Company Working Interest Magnificent Company Limited 55% Beautiful Company Limited 35% Intelligent Company Limited 10% 14 In 2019, a successful exploratory well was drilled on the property. On December 31, 2020, the property was producing. On that date, total proved reserves are estimated to be 1,400,000 barrels, and total proved developed reserves are estimated to be 580,000 barrels. Total production during 2020 was 100,000 barrels. You are required to: i.) Compute the proved reserves and proved developed reserves that belongs the working interest and royalty interest owners. (5 Marks) ii.) Determine the production that each of the working interest owners would use in computing DD&A (2 Marks)