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Prepare the journal entries to record revenues

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Question - Big Horn Oil Company sold 100 barrels of oil to Redfox Refinery Corp. at the price of $90/bbl. Big Horn Oil Company owns 100% of the working interest and Little Buffalo owns a 1/9 royalty interest on the field. The severance tax rate is 6% and Redfox Refinery Corp. disbursed the royalty and remitted all taxes.

Required - Prepare the journal entries to record revenues for Big Horn Oil Company.

Reference no: EM132596061

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