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solve and show your solution Problem 1-20 (AICPA Adapted) Hart Company sells subscriptions to a specialized directory that is published semiannually and shipped to subscribers
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Problem 1-20 (AICPA Adapted) Hart Company sells subscriptions to a specialized directory that is published semiannually and shipped to subscribers on April 15 and October 15 Subscriptions received after the March 31 and September 30 cut-off dates are held for the next publication Cash from subscribers is received evenly during the year and is credited to deferred revenue from subscriptions. Deferred revenue from subscriptions-January 1 Cash receipts from subscribers during the current year 1,500,000 7,200,000 What amount should be reporied as deferred revenue from subscription on December 31? a. 1,800,000 b. 3,300,000 c. 3,600,000 d. 5,400,000 Problem 1-21 (AICPA Adapted) Weaver ompany sells magazine subscriptions for a 1-year, 2-year or 3-year period. Cash receipts from subscribers are credited to magazine subscriptions collected in advance and this account had balance of P1,700,000 on January 1, 2020. a The entity provided the following information for the year ended December 31, 2020: Cash receipts from subscribers Magazine subscriptions revenue credited on December 31, 2020 2.100,000 1,500,000 On December 31, 2020, what amount should be reported as the balance for magazine subscriptions collected in advance? a. 1,900,000 b. 2,300,000 c. 1,400,000 d. 2,100,000 27 Step by Step Solution
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