Project Details Q. Property 523 is a joint working interest property. World Oil Ltd owns 55%, Global Oil and Gas Corporation Ltd owns 25%, and Texas Oil Ltd own 20% of the working interest. Assume World Oil Ltd is the operator and incurs the following costs during the month of June 2019 in connection with the property. Salaries and wages, field employees $82,000 Salaries and wages, first-level field supervisors $26,000 FICA and Medicare taxes, 7.5% of the above $6,600 New separator, purchased and installed $30,000 Repairs to Christmas tree $10,000 Property taxes paid $12,000

Other costs: Employee benefits 17% of salaries and wages Transportation of material and employees, 1,200 miles @ $0.30/mile Overhead, 35% of all costs listed above

Required and marking schema: (Please round your answers up to even numbers) Give the journal entries and distribute the costs, assuming regular accounts are used. a) Submitted on time (0.5 marks) and with a correct cover sheet (0.5 marks). a) Journal entries relating to regular accounts (0.25 marks each = 2/10) b) End-of-the-month journal entry(s) (2 marks) c) Ending journal entry(s) for the operator (2 marks) d) Ending journal entry (s) for the non-operator(s) (3 marks)

Required: Give the journal entries and distribute the costs, assuming regular accounts are used.