Seldin Company owns a royalty interest in an oil well. The contract stipulates that Seldin will receive royalty paymentssemiannually. On Jan 31 and July 31. The Jan 31 payment will be for20% of the oil sold to jobbers between the previous June 1 &Nov 30, and the Jul 31 payment will be for oil sold between theprevious Dec 1 and May 31. Royalty receipts for 2008 amounted to$80,000 to $100,000 on Jan 31 and Jul 31 respectively.
On Dec 31 2007, accrued royalty revenue receivable amounted to$15,000. Production reports show the following oil sales:
June 1 - Nov 30, 2007 $400,000
Dec 1 - May 31, 2008 $500,000
June 1 - Nov 30, 2008 $425,000
Dec 1 - Dec 31, 2008 $70,000
What amount should Seldin report as royalty revenue for2008?