In November and December 2017, Bonita Industries, a newly organized magazine publisher, received $80700 for...
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Accounting
In November and December 2017, Bonita Industries, a newly organized magazine publisher, received $80700 for 1,000 three-year subscriptions at $23 per year, starting with the January 2018 issue. Bonita included the entire $80700 in its 2017 income tax return. What amount should Bonita report in its 2017 income statement for subscriptions revenue? $26900. $80700. $0. $4483.
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