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The production tax is 5 energo is responsible for reporting

Question - Energo Co. owns 100% of the working interest but Mr. John Oil owns a 1/8 royalty interest. During this month, 3,000 barrels of oil were produced and sold at $50/bbl. The production tax is 5%. Energo is responsible for reporting the production taxes. Prepare the journal entries for Energo.

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Accounting Basics: The production tax is 5 energo is responsible for reporting

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Accounting Basics: The production tax is 5 energo is responsible for reporting

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