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What amount should be reported as royalty revenue

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Question - Forth owned a 20% royalty interest in an oil well. Forth received royalty payments on January 31 for the oil sold between the previous June 1 and November 30, an on July 31 for oil between December 31 and May 31. Production revealed the following sales:

June 1, 2019 - November 30, 2019 3,000,000

December 1, 2019 - December 31, 2019 500,000

December 1, 2019 - May 31, 2020 4,000,000

June 1, 2020 - November 30, 2020 3,250,000

December 1, 2020 - December 31, 2020 700,000

Required - What amount should be reported as royalty revenue for 2020?

Reference no: EM132845288

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