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Scholastic permits customers to return any item for any reason within 60 days of sale. Scholastic estimates that 20% of its sales in May 2017

Scholastic permits customers to return any item for any reason within 60 days of sale. Scholastic estimates that 20% of its sales in May 2017 will be returned in July 2017. According to GAAP, does Scholastics record the effect of these returned products on its income statement in 2017 or 2018? Briefly explain why.

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