In November and December 2020, ABC Company, a newly organized magazine publisher, received $75,000 for 1,000 three-year subscriptions at $25 per year, starting with the January 2021 issue. What amount should ABC Company report in its 2020 income statement for subscriptions revenue assuming ABC Company uses the accrual basis accounting? $4,166. $25,000 $0 $75,000 Question 16 2 pts At December 31, 2020, ABC Company had 1,500 gift certificates outstanding, which had been sold to customers during 2020 for $60 each. Sue's operates on a gross profit of 60% of its sales. What amount of revenue pertaining to the 1,500 outstanding gift certificates should be deferred at December 31, 2020 assuming ABC Company uses the accrual basis accounting? Question 17 2 pts Adjusting entries: are needed for all balance sheet accounts. are needed because errors have been made in previous journal entries. are made before the financial statements can be prepared. must be made on a daily basis to record supplies used during that day