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In November and December 2010, Lane Co., a newly organized magazine publisher, received $90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2011 issue. Lane included the entire $90,000 in its 2010 income tax return. What amount should Lane report in its 2010 income statement for subscriptions revenue?

a) $0.

b) $5,000.

c) $30,000.

d) $90,000

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Accounting Basics, Accounting

Category:- Accounting Basics
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