Foremost Company owns a royalty interest in an oil well. The contract stipulates that Foremost will receive royalty payments semiannually on January 31 and July 31. The January 31 payment will be for 30% of the oil sold to jobbers between the previous June 1 and November 30, and the July 31 payment will be for 30% of the oil sold between the previous December 1 and May 31. Royalty receipts for 20X2 amounted to $150,000 and $240,000 on January 31 and July 31, respectively. On December 31, 20X1, accrued royalty revenue receivable amounted to $40,000. Production reports show the following oil sales:

June 1, 20X1—November 30, 20X1 ........................................ $500,000

December 1, 20X1—May 31, 20X2 .......................................... 800,000

June 1, 20X2—November 30, 20X2 ......................................... 600,000

December 1, 20X2—December 31, 20X2 .............................. 100,000

Required:

What amount should Foremost report as royalty revenue for 20X2?