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What amount should bonita report in income statement

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Reference no: EM132918691

Question 1: In November and December 2020, Bonita Industries, a newly organized magazine publisher, received $76800 for 1,000 three-year subscriptions at $24 per year, starting with the January 2021 issue. Bonita included the entire $76800 in its 2020 income tax return. What amount should Bonita report in its 2020 income statement for subscriptions revenue?

Option 1: $76800.
Option 2: $0.
Option 3: $25600.
Option 4: $4266.

Reference no: EM132918691

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