15. Flex Fitness is a health and fitness club that operates gym facilities throughout the United States. Flex Fitness members pay their membership dues annually. Selected fiscal-year information from the company's balance sheets follows ($ thousands).

Selected Balance Sheet Data 2016 2015

Deferred membership income (liability) ........ 500,558 453,881 During fiscal 2016, Flex Fitness collected $1,119,833 cash for membership fees. Calculate the membership fee revenue that Flex Fitness recognized during the year.

1. $ 500,558 thousand
2. $1,166,510 thousand
3. $1,119,833 thousand
4. $1,073,156 thousand

1 through 4 are options choose the best option