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Weaver Company sells magazine subscriptions for a 1-year, 2-year, or 3-year period. Cash receipts from subscribers are credited to magazine subscriptions collected in advance, and this account had a balance of $1,700,000 at December 31, year 1. Information for the year ended December 31, year 2, is as follows:
In its December 31, year 2 balance sheet, what amount should Weaver report as the balance for magazine subscriptions collected in advance? A. $1,400,000 B. $2,300,000 C. $2,100,000 D. $1,900,000 |