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In November and December 2017, Coronado Industries, a newly organized magazine publisher, received $77100 for...

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Accounting

In November and December 2017, Coronado Industries, a newly organized magazine publisher, received $77100 for 1,000 three-year subscriptions at $28 per year, starting with the January 2018 issue. Coronado included the entire $77100 in its 2017 income tax return. What amount should Coronado report in its 2017 income statement for subscriptions revenue?

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