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Posted on Oct 18, 2024

In November and December 2 0 2 3 , Lane Co . , a newly organized magazine publisher, received $ 7 5 , 0 0

In November and December

2023,

Lane Co

.,

a newly organized magazine publisher, received $

75, 000

for

1, 000

thre

-

year subscriptions at $

25

per year, starting with the January

2024 .

Lane included the entire $

75, 000

in its

2023

income tax return. What amount should Lane report in its

2023

income statement for subscriptions revenue?

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