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What amount should abc report as revenue from franchise fees

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Question - Jan 1, 2020, ABC Enterprise authorized XYZ Company to operate as a franchisee over a twenty year period for an initial franchise fee of 60,000 received on signing the agreement. XYZ started operations on June 30, 2020, by which date ABC had performed all of the required initial services. In its income statement for the six months ended June 30, 2020, what amount should ABC report as revenue from franchise fees in connection with XYZ franchise?

Reference no: EM133183085

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