A city with a fiscal year close of 12/31 requires restaurants to purchase a license, renewable annually. Proceeds from license fees are intended to pay the salaries of health department inspectors. Licenses are issued for a fiscal year from October 1 to September 30. During 2014, cash receipts related to licenses were as follows

Licenses issued during 2013 for fiscal year 10/1/13-9/30/14 $30

Licenses issued during 2014 for fiscal year 10/1/14-9/30/15 $180

It is anticipated that during 2015 the amount collected on licenses for the fiscal year 10/1/14 through 9/30/15 will be $45. In September 2013, the amount collected related to licenses from 10/1/13 to 9/30/14 was $144. 

What amount should be recognized as income in the fund's financial statements for the fiscal year ended 12/31/14?

(Provide explanation)