On Jan 1, 2017, Canon Corp. sold CDs to retailers on account and recorded sales revenue $700,000. Canon Corp grants the right to return CDs that do not sell in 4 months following delivery. Past experience indicates that the normal return rate is 15%. By March 31, 2017, retailers returned CDs to Canon and were granted credit of $78,000. On the income statement prepared for the first quarter of 2017, how much revenue should Canon recognize for this transaction?

		700,000
		622,000
		595,000
		none of the above