(b) In November and December 2014, Lane Co., a newly organized magazine publisher, received cash of...
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(b) In November and December 2014, Lane Co., a newly organized magazine publisher, received cash of $60,000 for 1,000 three-year subscriptions at $20 per year, starting with the January 2015 Issue. What amount should Lane report in its calendar year 2015 income statement for subscriptions revenue? What is the balance in unearned revenue at the end of 2014 and 2015? (b) In November and December 2014, Lane Co., a newly organized magazine publisher, received cash of $60,000 for 1,000 three-year subscriptions at $20 per year, starting with the January 2015 Issue. What amount should Lane report in its calendar year 2015 income statement for subscriptions revenue? What is the balance in unearned revenue at the end of 2014 and 2015?
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Subscription revenue received for 3 year 60000 Subscription revenue received for the year 2015 6... View the full answer
Related Book For
Financial Reporting and Analysis
ISBN: 978-0078025679
6th edition
Authors: Flawrence Revsine, Daniel Collins, Bruce, Mittelstaedt, Leon
Posted Date:
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