Exercise 2-1 Distinguishing accrual-basis revenue from cash receipts (LO2-1, LO2-2) In November and December 20X1, Gee Company, a newly organized magazine publisher, recelved $36,000 for 1,000 three-year subscriptions at $12 per year, starting with the January 202 issue of the magazine. Required: How much should Gee report in Its 20X1 Income statement for subscriptions revenue on an accrual basis? What are Gee's cash recelpts in 20X1