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Problem 1: Rill Co. owns a 20% royalty interest in an oil well. Rill receives royalty payments on January 31 for the oil sold between the previous June 1 and November 30, and on July 31 for oil sold between December 1 and May 31. Production reports show the following oil sales: June 1, 20x2 - November 30, 20x2 300,000 December 1, 20x2 - December 31, 20x2 50,000 December 1, 20x2 - May 31, 20x3 400,000 June 1, 20x3 - November 30, 20x3 325,000 December 1, 20x3 - December 31, 20x3 70,000 What amount should Rill report as royalty revenue for 20x3?
Option 1: 144,000
Option 2: 159,000
Option 3: 140,000
Option 4: 149,000
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