Prospect Oil Company sold a total of 1, 000Mc gas at $9/ Mcf. The lease provides a 1/5 RI. The working interest owners receives 100% of the revenue (net of 5% severance tax) and then distributes the...

Prospect Oil Company sold a total of 1, 000Mc gas at $9/ Mcf. The lease provides a 1/5 RI. The working interest owners receives 100% of the revenue (net of 5% severance tax) and then distributes the amount due to the royalty interest owner.

REQUIRED
: Give the entry by Prospect to record the sale of the gas.