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Park Company acquires copyrights from authors, paying advance royalties in some cases, and in others, paying royalties within 30 days of year-end. Park reported royalty expense of P375,000 for the current year ended December 31.  The following data are included in Park’s balance sheets.   January 1 December

Park Company acquires copyrights from authors, paying advance royalties in some cases, and in others, paying royalties within 30 days of year-end. Park reported royalty expense of P375,000 for the current year ended December 31.  The following data are included in Park’s balance sheets.   January 1 December

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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5 Park Company acquires copyrights from authors, paying advance royalties in some cases, and in others, paying royalties within 30 days of year-end. Park reported royalty expense of P375,000 for the current year ended December 31.  The following data are included in Park’s balance sheets.

 

January 1

December 31

Prepaid royalties

P60,000

P50,000

Royalties payable

  75,000

  90,000

 

During the year, Park made royalty payments totaling

Group of answer choices
P370,000
P350,000
P380,000
P400,000
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