Paul Beggs signs a one-year contract with BlueBox Video. The terms of the contract are that Paul is required to pay a non- refundable initiation fee of $320. After the first year, Paul can renew his membership by paying an annual membership fee of $6 per month. BlueBox determines that its customers, on average, renew their annual membership three times after the first year before terminating their membership. What amount of revenue should BlueBox recognize in its first year given that the membership renewal is a material right? The company follows IFRS. Revenue recognized in first year $