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how much revenue should Canon recognize for this transaction

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Question - On Jan 1, 2017, Canon Corp. sold CDs to retailers on account and recorded sales revenue $700,000. Canon Corp grants the right to return CDs that do not sell in 4 months following delivery. Past experience indicates that the normal return rate is 15%. By March 31, 2017, retailers returned CDs to Canon and were granted credit of $78,000. On the income statement prepared for the first quarter of 2017, how much revenue should Canon recognize for this transaction?

Reference no: EM132877617

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