Valix Finacc vol 2 Problem 1-51

Financial Accounting Volume 2 2008 Valix-Peralta
Chapter 1 Problem 1-51

1.  Unearned subscription revenue                                                700,000

            Subscription revenue (3,000,000 – 2,300,000)                                             700,000

2.  Loss on damages                                                                                    1,500,000

            Estimated liability for damages                                                                 1,500,000

3.   Loss on damages                                                                       1,000,000

            Estimated liability for damages                                                                 1,000,000