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How much should dimples report unearned subscription

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Reference no: EM133178467

Question - Dimples Company sells subscriptions to a specialized directory, which is issued semi-annually and distributed to subscribers on April 15 and October 15. Subscriptions acquired after the March 31 and September 30 deadlines are kept for the following issue. Cash from subscribers is received evenly throughout the year and is credited to deferred subscription revenues. The following data are for 2021:

Unearned Subscriptions, 12/31/2020 - P3,000,000

Cash receipts from subscribers - P14,400,000

Required - How much should Dimples report Unearned Subscription on its December 31, 2021 statement of financial position?

Reference no: EM133178467

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