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Business, 20.12.2019 05:31 Ndow2

On february 12, year 1, vip publishing, inc., purchased the copyright to a book for $15,000 and agreed to pay royalties equal to 10% of book sales, with a guaranteed minimum royalty of $60,000. vip had book sales of $800,000 in year 1. in its year 1 income statement, what amount should vip report as royalty expense?

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On february 12, year 1, vip publishing, inc., purchased the copyright to a book for $15,000 and agre...
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