A government universitys tuition and fees at the standard rates are $20 million. Scholarship allowances of $1,500,000 are granted to students by the university and tuition waivers for employees granted under the universitys tuition waiver policy are $100,000. Uncollectible accounts are expected to equal $150,000. The amount of tuition and fees revenues that the university should report is:

1. $18,250,000.
2. $18,350,000.
3. $18,500,000.
4. $20,000,000.