Frick Co. owns a 25% royalty interest in an oil well. Frick receives royalty payments on January 31 for the oil sold between the previous June 1 and November 30, and on July 31 for oil sold between December 1 and May 31. Production reports show the following oil sales:

June 1, 2014 - November 30, 2014	$300,000
December 1, 2014 - December 31, 2014	50,000
December 1, 2014 - May 31, 2015	400,000
June 1, 2015 - November 30, 2015	325,000
December 1, 2015 - December 31, 2015	70,000

Prepare any required general journal entries (without explanation) for the fiscal year 2015. If no entry is required then identify this fact in the journal.

I seriously need to make sense of this one ... thanks for you assistance!!