Heagy Oil Com ownership interest: mpany has production on a lease in Louisiana with the following 26. RI-1/5 RI ORI-1/16 of 4/5 of gross production Joint wl-Amax Company (40%) and Heagy Company (60%) Duing April, 5,000 (gross) barrels of oil (after correction for temperature, gravity and BS&W) were produced and sold. Assume the price for oil is $120.00/bbl, and the severance tax rte in Louisiana is 5%. REQUIRED: a Prepare the journal entry for Heagy Oil to record the sale of the oil, given that the purchaser assumes the responsibility of distributing seyerance taxes nd royalty income. Prepare the journal entry for Heagy Oil to record the sale of the oil, given that Heagy Company assumes the responsibility and receives 100% of the procceds. . Prepare the journal entry for the rovalty interest owner to record the sale . Prepare the jounal entry for the overriding royalty interest owner to record e. Prepare the journal entry for Lomax to record the sale of the oil. f the oil. townerto record the sale of the oil. Heagy Oil Com ownership interest: mpany has production on a lease in Louisiana with the following 26. RI-1/5 RI ORI-1/16 of 4/5 of gross production Joint wl-Amax Company (40%) and Heagy Company (60%) Duing April, 5,000 (gross) barrels of oil (after correction for temperature, gravity and BS&W) were produced and sold. Assume the price for oil is $120.00/bbl, and the severance tax rte in Louisiana is 5%. REQUIRED: a Prepare the journal entry for Heagy Oil to record the sale of the oil, given that the purchaser assumes the responsibility of distributing seyerance taxes nd royalty income. Prepare the journal entry for Heagy Oil to record the sale of the oil, given that Heagy Company assumes the responsibility and receives 100% of the procceds. . Prepare the journal entry for the rovalty interest owner to record the sale . Prepare the jounal entry for the overriding royalty interest owner to record e. Prepare the journal entry for Lomax to record the sale of the oil. f the oil. townerto record the sale of the oil