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Accounting

Cabai Co. is a magazine publisher. It sells subscriptions for 1- to 3-year periods. At December 31, Year 1, the balance of subscriptions collected in advance was $1.5 million. During Year 2, Cabai collected cash from subscribers of $2.1 million. The balance in the subscriptions collected in advance account at December 31, Year 2, was $2.5 million. How much subscriptions revenue should be reported for Year 2?

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9974928

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