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A car-sharing service collects a one-time $600 refundable membership fee. During the current year, the...

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A car-sharing service collects a one-time $600 refundable membership fee. During the current year, the company received $600,000 in membership fees and it refunded $120,000 to members who terminated the service. How would this information be reflected in the year-end statement of financial position? $

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