In June 2012, a public university bills and collects $45 million in tuition for the summer semester that runs from June 1 through July 15. In addition, in May and June it bills $300 million for the fall semester that runs from Sept 1 thru Dec 15. Of this amount it collects only $120 million (expecting to collect the balance prior to Sept 1). In its statement of revenues and expenses for its year ending June 30, it should recognize how much as tuition revenue