Michael Oil Company operates Leases X and Y. Michael Oil transfers 60 barrels of oil from Lease X to Lease Y to be used as fuel on Lease Y. The current spot oil price is $1 10/bbl, and the severance tax rate is 5%. Michael owns 100% working interests in Lease X and Lease Y. Lease X has a 1/8 royalty interest, and Lease Y has a 3/16 royalty interest REQUIRED: Prepare an entry for the transfer of the oil. For numerical answers: (1) DO NOT use commas to separate thousands places in numerical answers (2) use a minus sign to indicate negative numbers(3) DO NOT use dollar signs. (4) amounts should be entered from smallest (at top of the entry line items) to largest (at bottom of the entry), which is ascending order. Account Debit Credit