Seldin Company owns a royalty interest in an oil well. The contract stipulates that Seldin will receive royalty payments semiannually on January 31 and July 31. The January 31 payment will be for 20% of the oil sold to jobbers between the previous June 1 and November 30, and the July 31 payment will be for oil sold between the previous December 1 and May 31. Royalty receipts for 2008 amounted to \($80,000\) and \($100,000\) on January 31 and July 31, respectively.
On December 31, 2007, accrued royalty revenue receivable amounted to \($15,000\). Production reports show the following oil sales:

Required:
What amount should Seldin report as royalty revenue for 2008?

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June 1, 2007-November 30, 2007 December 1, 2007-May 31, 2008 June 1, 2008-November 30, 2008 $400,000 500,000 425,000 December 1, 2008-December 31, 2008 70,000