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On March 1, Torres Magazine Company receives annual subscriptions totaling $670,500. The first issue will be received by the subscriber one month after the money

On March 1, Torres Magazine Company receives annual subscriptions totaling $670,500. The first issue will be received by the subscriber one month after the money is received. Torres Magazine Company's fiscal year ends December 31.

Required:

How much revenue would Torres recognize from this amount for the current year?

Revenue recognized$____________

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