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Energy Accounting 4. Belmont Pipeline Company purchased 200 barrels of oil...

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Accounting

Energy Accounting
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4. 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 th: royalty and remitted all taxes, and assuming a division order as follows

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