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Scholastic permits customers to return any item for any reason within 60 days of sale. Scholastic estimates 20% of its sales in May 2014 will

Scholastic permits customers to return any item for any reason within 60 days of sale. Scholastic estimates 20% of its sales in May 2014 will be returned in July 2014. According to GAAP, does Scholastics record the effect of these returned products on its income statements in 2014 or 2015? Briefly explain why.

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