In November and December 2020, Lane Co., a newly organized magazine publisher, received
$90,000 for 1,000 three-year subscriptions at $30 per year, starting with the January 2021
issue. Lane correctly included the entire $90,000 in its 2020 income tax return. What
amount should Lane report in its 2020 income statement for subscriptions revenue?
O $0
Ο $5,000
© $30,000
$90.000