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Homer Company typically sells annual magazine subscriptions and subsequently delivers one magazine each month to customers. The company sells 60,000 annual magazine subscriptions at $10

Homer Company typically sells annual magazine subscriptions and subsequently delivers one magazine each month to customers. The company sells 60,000 annual magazine subscriptions at $10 each, in December 2011. What entry is made January 31, 2012, to recognize subscription revenue after the delivery of the first month's magazine?

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