In year 1, Summer Corp sold x to Funny Inc. and will receive royalties of 20% of future revenues associated with x. At December 1, year 2, Summer reported royalties receivable of $75,000 from Funny. During year 3, Summer received royalty payments of $200,000. Funny reported revenues of $1,500,000 in year 3 from x. In its year 3 income statement, what amount should Summer report as royalty revenue?

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