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In November and December Year 1, a newly organized magazine publisher received $72,000 for 1,000 three-year subscriptions at $24 per year, starting with the January

In November and December Year 1, a newly organized magazine publisher received $72,000 for 1,000 three-year subscriptions at $24 per year, starting with the January Year 2 issue. What amount should they report in the Year 1 income statement for subscription revenue if none of the magazines were delivered in Year 1?

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