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What amount should be reported as deferred revenue

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Reference no: EM133182984

Question - Aquino Company sells subscriptions to a specialized directory that is published semi-annually and shipped to subscribers on April 15 and October 15.

Subscriptions received after the March 31 and September 20 cut-off dates are held for the next publication.

Cash from subscribers is received evenly during the year and is credited to deferred revenue from subscriptions.

Deferred revenue from subscriptions- January 1 is P1, 500,000.

Cash receipts from subscribers during the current year is P6, 000,000

Required - What amount should be reported as deferred revenue from subscription on December 31?

Reference no: EM133182984

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