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Wren Corp.'s trademark was licensed to Mont Co. for royalties of 15% of sales of the trademarked items. Royalties are payable semiannually on March 15 for sales in July through December of the prior year, and on September 15 for sales in January through June of the same year. Wren received the following royalties from Mont:
Mont estimated that sales of the trademarked items would total $60,000 for July through December, Year 2.In Wren's Year 2 income statement, the royalty revenue should be:
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