Question 20. Typeface Co receives $1,500 on 15 August 20X2, representing annual subscriptions in advance for three of its monthly publications ($480 for the first, $600 for the second and $420 for the third). The publications are dispatched to the customer on the 1st day of each calendar month starting on 1 September 20X2. How much revenue should Typeface Co recognise in the financial statements for the year ended 31 December 20X2?

$562.50

$500

Nil

$1,500