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Question - On the last day of December 2019, Gilgen & Sons entered into a transaction that resulted in a receipt of $108,000 cash in advance related to services that will be provided during January 2020. During December of 2019, the company also performed $64,000 of services which were neither billed nor paid. Prior to December adjustments and before these two transactions were recorded, the company's trial balance showed service revenue of $1,600,000 at December 31, 2019. There are no other prepaid services yet to be delivered.
If Peter & Sons makes the appropriate adjusting entry, how much will service revenue will be reflected on the December 31, 2019 income statement?
A. $1,664,000
B. $1,515,000
C. $1,623,000
D. $1,451,000
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