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Lewis Co. sold merchandise to AdCo for $60000 and received 560000 for that sale one month later. One week prior to receiving payment from AdCo Lewis made a 510000 payment to AdCo for advertising

Lewis Co. sold merchandise to AdCo for $60,000 and received 560,000 for that sale one month later. One week prior to receiving payment from AdCo, Lewis made a 510,000 payment to AdCo for advertising services that have a fair value of 57,500. After accounting for any necessary adjustments, how much revenue should Lewis Co. record for the merchandise sold to AdCo?

Apr 01 2020 View more View Less

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