2. Dement Publishing Division The DeMent Publishing Division sells large volumes of novels to a few book distributors, which in turn sell to several national chains of bookstores. DeMent allows distributors to return up to 30% of sales, and distributors give the same terms to bookstores. While returns from individual titles fluctuate greatly, the returns from distributors have averaged 20% in each of the past 5 years. A total of $7,000,000 of paperback novel sales were made to distributors during fiscal 20Y4. On November 30, 20Y4 (the end of the fiscal year), $1,500,000 of fiscal 20Y4 sales were still subject to return privileges over the next 6 months. The remaining $5,500,000 of fiscal 20Y4 sales had actual returns of 21%. Sales from fiscal 20Y3 totaling $2,000,000 were collected in fiscal 20Y4 less 18% returns. This division records revenue according to the method referred to as revenue recognition when the right of return exists. Revenue to be recognized in 20Y4: ______________________________ show all work