Belmont Pipeline Company purchased 200 barrels of oil from Jadson Oil Company. The gross value of the
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Belmont Pipeline Company purchased 200 barrels of oil from Jadson Oil Company. The gross value of the oil was $20,000. The severance tax rate was 4%. Give the entry to record revenue for Jadson, assuming Belmont disbursed the royalty and remitted all taxes, and assuming a division order as follows:
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