Structure Oil Company made the following transactions in 2021: a. During the months of January through March, minimum royalty payments of $500/month were paid. The minimum royalty payments are recoverable from future royalty payments. b. Production was sold in April 2021, and the royalty payable in April is $700. c. The royalty payment in May is $900. d. The well quit producing in June, and the lease was abandoned. REQUIRED: 1. Prepare entries for the above transactions. 2. Prepare entries assuming the royalty payments are not recoverable. 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. 1. Prepare entries for the above transactions. Debit Credit Account Month January January February February 1. Prepare entries for the above transactions. Month Account Debit Credit January January February February March March April April April May May April April May May May June June Student Resources Online Student Orientation - 2. Prepare entries assuming the royalty payments are not recoverable. Month Account Debit Credit January January February February March March April April May May