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ABC Company make chairs. ABC Company does $1 million in sales for the year. All the sales happen on ONE DAY December 28 th .

ABC Company make chairs. ABC Company does $1 million in sales for the year. All the sales happen on ONE DAY December 28^th. Half of the customers pay ABC Company in cash. The other half state that they will be paying next week. According to GAAP (Generally Accepted Accounting Principles), how much sales will ABC Company show on their income statement and WHY?

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