Foremost Company owns a royalty interest in an oil well. The contract stipulates that Foremost will receive royalty payments semiannually on January 31 and July 31. The January 31 payment will be for 30% of the oil sold to jobbers between the previous June 1 and November 30, and the July 31 payment will be for oil sold between the previous December 1 and May 31. Royalty receipts for 2019 amounted to $150,000 and $240,000 on January 31 and July 31, respectively. On December 31, 2018, accrued royalty revenue receivable amounted to $40,000. Production reports show the following oil sales:
June 1, 2018-November 30, 2018............................$500,000
December 1, 2018-May 31, 2019..............................800,000
June 1, 2019-November 30, 2019.............................600,000
December 1, 2019-December 31, 2019.......................100,000
Required:
What amount should Foremost report as royalty revenue for 2019?