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Business, 28.11.2020 15:10 Aerial14

People magazine sells annual subscriptions. The magazine subscription fees are collected in advance and had a balance of $ 5,000,000 on December 31, 2015. The magazine received $3,500,000 in cash from subscribers in year 2016. Also, magazine subscription revenue reached $6,000,000 in the same year. How much should People magazine report as the balance for magazine subscriptions collected in advance (i. e., unearned revenue) in its December 31, 2016 balance sheet?

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People magazine sells annual subscriptions. The magazine subscription fees are collected in advance...
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