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The company agreed to prepay promotion fees to the BBC Event Co for the service period 1 May 20XY to 30 April 20XA. The payment

  1. The company agreed to prepay promotion fees to the BBC Event Co for the service period 1 May 20XY to 30 April 20XA. The payment of $220,000, net of 20% discount, was made on 15 April 20XY. This amount has not been recorded in the income statement and balance sheet.

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