Reid Company acquires copyrights from authors, paying advance royalties in some cases, and in others, paying royalties
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Question:
Reid Company acquires copyrights from authors, paying advance royalties in some cases, and in others, paying royalties within days of yearend. The following are included in the December financial statements.
Cash outflow from royalties for the year ended December
Prepaid royalties
Royalties payable
Required: What was royalty expense for the year?
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