On January 1, 2022, John Williams purchased an 8,000-barrel production payment interest from Watershed Oil Company for $800,000. The production payment will be paid out of 1/5 of the working interest owner's share of produc- tion from Lease #1003. The lease is burdened with a 1/8 RI. Gross production from Lease #1003 during 2022 was 24,000 barrels. Gross proved reserves at 12/31/22 were 130,000 barrels. REQUIRED: Give the entries by John Williams to record the purchase of the production payment interest and DD&A expense for 2022. RECORD THE ENTRIES IN THE ORDER REQUESTED IN THE "REQUIRED: STATEMENT 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