How much royalty expense should jupiter report

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Question 1. On January 1, 2016, Jupiter Company acquired the copyright to a book owned by Garner for royalties of 15% of future book sales. Royalties are payable on September 30 for sales in January through June of the same year, and on March 31 for sales in July through December of the preceding year. During 2016 and 2017, Jupiter remitted royalty checks to Garner as follows: March 31 September 30 2016 P - P250,000 2017 220,000 400,000

Jupiter sales of the Garner book totaled P3,000,000 for the last half of 2017. How much Royalty Expense should Jupiter report in its 2017 income statement?

Reference no: EM132625190

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