In November and December 2023, Lane Co., a newly organized magazine publisher, received $75,000 for...

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Accounting

In November and December 2023, Lane Co., a newly organized magazine publisher, received $75,000 for 1,000 thre-year subscriptions at $25 per year, starting with the January 2024. Lane included the entire $75,000 in its 2023 income tax return. What amount should Lane report in its 2023 income statement for subscriptions revenue?

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