Question 18 of points Ave Oil Company produces a total of 1.000 barrels of oil in June that is sold in July. The posted field price and the actual selling price is $60/bbl. The severance tax rate is 5. The purchaser of the oil will pay the severance tas to the state and also will pay the royalty interest owner. The royalty interest is 1/8" Required: Prepare entries assuming Oil Company recognizes revenue (a) at time of sale, and (b) at time of production based on the posted field price For the toolbar, press ALT+F10 (PC) or ALT+FN-F10 (Mac