The Tennis Times (TTT) is a publisher of magazines. Its accounting policy for subscriptions follows:RevenuesRevenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TTT (a) collected $490 million in 2018 for magazines that will be distributed later in 2018 and 2019, (b) provided $239 million of services on these subscriptions in 2018, and (c) provided $251 million of services on these subscriptions in 2019.
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