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What amount should frick report as royalty revenue

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Question - In 2014, Frick Corp. sold a comic strip to Frack, Inc. and will receive royalties of 20% of future revenues associated with the comic strip. At December 31, 2015, Frack reported revenues of $375,000 from the comic strip. During 2016, Frick received royalty payments of $200,000. Frack reported revenues of $1,500,000 in 2016 from the comic strip. In its 2015 income statement, what amount should Frick report as royalty revenue?

Reference no: EM132093697

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