Prepare entries recognizing revenue at time of sale.

What amount of gross revenue, royalty, severance taxes and net revenue should each well record for each well (Lease C Well 1 & Well 2 and Lease D Well 1, Well 2, & Well 3)?

Assume the following data for the following wells commingled production tanks on the Willmington Ranch located in Lavaca County, Texas. Measured production is 2,000 barrels from Lease Cand 2,280 barrels from Lease D. After treatment at the central tank battery, 4,500 barrels are sold. Lease C Wells 24-Hr Test (bbl) Days Produced Well 1 30 28 Well 2 30 Lease D Wells 24-Hr Test (bbl) Days Produced Well 1 30 Well 2 Well 3 50 26 40 20 35 30 Current Spot Oil Price Severance Tax Rate Working Interest Royalty interest $46.00/bbl 5% 100% 1/8th Prepare entries recognizing revenue at time of sale. What amount of gross revenue, royalty, severance taxes and net revenue should each well record for each well (Lease C-Well 1 & Well 2 and Lease D-Well 1, Well 2, & Well 3)? Assume the following data for the following wells commingled production tanks on the Willmington Ranch located in Lavaca County, Texas. Measured production is 2,000 barrels from Lease Cand 2,280 barrels from Lease D. After treatment at the central tank battery, 4,500 barrels are sold. Lease C Wells 24-Hr Test (bbl) Days Produced Well 1 30 28 Well 2 30 Lease D Wells 24-Hr Test (bbl) Days Produced Well 1 30 Well 2 Well 3 50 26 40 20 35 30 Current Spot Oil Price Severance Tax Rate Working Interest Royalty interest $46.00/bbl 5% 100% 1/8th Prepare entries recognizing revenue at time of sale. What amount of gross revenue, royalty, severance taxes and net revenue should each well record for each well (Lease C-Well 1 & Well 2 and Lease D-Well 1, Well 2, & Well 3)