Reader’s Digest Association is a publisher of magazines, books, and music collections. The following note is from a recent annual report:
Sales of our magazine subscriptions are deferred (as unearned revenue) and recognized as revenues proportionately over the subscription period.
Assume that Reader’s Digest (a) collected $420 million in 2012 for magazines that will be delivered later in 2012 and 2013, and (b) delivered $204 million worth of magazines on these subscriptions in 2012
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