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Clips Online sells subscriptions for $ 3 6 for 1 2 months. The company collects cash in advance and then subscribers have access to unlimited

Clips Online sells subscriptions for $

36

for

12

months. The company collects cash in advance and then subscribers have access to unlimited movies each month.

Apply the revenue recognition principle to determine

.

when Clips Online should record revenue for this situation.

.

the amount of revenue Clips Online should record for three months.

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