Romeo Inc sells white boards that are sold to schools. Each white board has a fixed price, f.o.b shipping point and payment is due 90 days after shipment. The schools can return a maximum of 15% of the order at their own expense. Sales are only made to schools, because they generally have great credit ratings. The normal return rate is 6% and the average collection period is 100 days. Romeo Inc follows IFRS. On July 16th, 2020 Romeo shipped white boards with a cost of $300,000 and included an invoice for $450,000. On August 30th, one school returned some white boards with an original invoice cost of $15,000. Romeo follows IFRS. On July 16th, how much revenue should Romeo record as a result of the sale of white boards?