In November and December Year 1, Dorr Co., a newly organized magazine publisher, received $72,000 for 1,000 3-­year subscriptions at $24 per year, starting with the January Year 2 issue. Dorr elected to include the entire $72,000 in its Year 1 income tax return

In November and December Year 1, Dorr Co., a newly organized magazine publisher, received $72,000 for 1,000 3-­year subscriptions at $24 per year, starting with the January Year 2 issue. Dorr elected to include the entire $72,000 in its Year 1 income tax return. What amount should Dorr report in its Year 1 income statement for subscriptions revenue?