Answer & Explanation:In August of 2009, Ruby’s Corporation, a newly developed internet game company, received $1,320,000 for 2,000 three-year subscriptions to a new online game priced at $220
per year. The
subscriptions do not start until October of 2009.
Fill in the following
chart for each of the given years to show the amount of revenue to be
recognized on the income statement and the related liability reported on the year-end balance sheet.
Ruby’s Corp fiscal year end is December 31. (Round your answers to the nearest whole dollar. Complete all
answer boxes.)
Revenue recognized during
Unearned revenue at December 31
2009
??
??
2010
??
??
2011
??
??
2012
??
??
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