Jerzee Corp. owns an office building and normally charges tenants $31 per square foot per year for office space. Because the occupancy rate is low, Jerzee agreed to lease 1,500 square feet to Gosling Co. at $16 per square foot for the first year of a three-year operating lease. Rent for remaining two years will be at the $31 rate. What amount of rental revenue should Jerzee report for the first year of this contract?