In November and December, 2004, Paul Company, a newly organized magazinepublisher received $60,000 for 1,000 subscriptio...
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In November and December, 2004, Paul Company, a newly organized magazinepublisher received $60,000 for 1,000 subscriptions (each subscription lasts for 3 years) toa new monthly magazine at $20 per year, starting with the first issue in March, 2005.REQUIRED: Fill in the chart below relating to the amount of revenue to be recordedin each year assuming a year-end of December 31.
Revenue recognized Unearned revenue at December 31
2004 $ _______________ $ _______________
2005 $ _______________ $ _______________
2006 $ _______________ $ ______________
2007 $ _______________ $ _______________