please answer the questions below. thank you!
5. Mr. Stephens sold the surface rights and retained the mineral rights in some land in Texas. He leases the land to George Oil Company, reserving a 1/5 royalty. During 2019, George Oil Company makes the following assignments: a. To Fisher Petroleum, an ORI of 1/7 of George's interest b. To Wilson Bank, a production payment interest of 45,000 barrels of oil to be paid out of 1/4 of the working interest's share of production (i.e., Wilson gets 1/4 of this production until it receives a total of 45,000 barrels) c. To Crank Oil Company, a joint working interest of 1/3 after giving consideration to all the above assignments. REQUIRED: Assuming gross production is 90,000 barrels, calculate each owner's share. (Ignore rounding.) 9. Wildcat Oil Company sold or used the gas produced on Lease A during March as follows: a. 600 Mcf used as fuel to operate lease equipment b. 800 Mcf sold to R Company at $12/Mcf Assume a 1/7 RI and a production tax of 5%, and assume that the lease agreement has a free fuel clause, but production taxes still have to be paid according to state law. The selling price of gas is currently $12/Mcf. REQUIRED: Give the entries necessary to record the gas sold or used, assuming the operator distributes taxes and royalty. 15. Determine the barrels of production allocated to each well given the following data: Well 24-hr Test, bbl Days Produced Total Production Sold 1 40 28 3,300 barrels-measured at 2 50 point of delivery (production 3 35 24 from three wells commingled) 30 Round the ratio to three decimal places and round barrels to the nearest whole barrel. ann The 18. 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 $110/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