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Assume the following scenarios. Scenario 1: During 2024, The Hubbard Group provides services of $900,000 for repair of a state highway. The company receives an

Assume the following scenarios. Scenario 1: During 2024, The Hubbard Group provides services of $900,000 for repair of a state highway. The company receives an initial payment of $300,000 with the balance to be received the following year. Scenario 2: Rolling Stone magazine typically charges $80 for a one-year subscription. On January 1, 2024, Herman, age 72, purchases a one-year subscription to the magazine and receives a 15% senior citizen discount. Scenario 3: During 2024, Waste Management provides services on account for $30,000. The customer pays for those services in 2025. Scenario 4: During 2024, Sysco Corporation sells grocery items to one of its customers for $260,000 on account. Cash collections on those sales are $180,000 in 2024 and $60,000 in 2025. The remaining $20,000 is written off as uncollectible in 2025. Required:

For each scenario, calculate the amount of revenue to be recognized in 2024.

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\begin{tabular}{|l|l|} \hline & Revenue recognized in 2024 \\ \hline Scenario 1 & \\ \hline Scenario 2 & \\ \hline Scenario 3 & \\ \hline Scenario 4 & \\ \hline \end{tabular}

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