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What is the value of gas sales

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Problem - Assume Dylon Oil & Gas owns 100% of the working interest in the lease. During December 2020, 2,500 Mcf of gas was delivered to Tyler Oil Company. The sales price was $8.00/MMbtu and the state severance tax is 8%. Based on gas analysis the heating content is 1.03 Btu.

What is the value of gas sales?

What is the amount of revenue Dylon Oil & Gas should record?

What amount should Dylon Oil & Gas record for royalties payable based on the Land Lease Agreement?

Reference no: EM132651448

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