Wwd oil company sells 10000 bbl of oil for 70 per barrel

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WWD Oil Company sells 10,000 bbl of oil for $70 per barrel. The lease provides for a 1/6 Royalty interest, and the Working interest owner has distributed an Overriding Royalty interest of 25%. The severance tax rate is 6%. Record the entries of RI owner, the ORI owner and the WI owner, assuming WWD Oil assumes responsibility for distributing the taxes and royalty income.

Reference no: EM13571878

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