What amount should be reported as unearned subscription

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Reference no: EM132970548

Problem 1: Kiyak Publishing Ltd. sells magazine subscriptions for a 1-year, 2-year, or 3-year period. Cash receipts from subscribers are credited to unearned subscription revenue, and this account had a balance of $1,700,000 on January 1, 2009. Below is the year ended December 31, 2009 data:
- Cash receipts from subscribers = $2,100,000
- Subscription revenue credited on December 31, 2009 = 1,500,000
1. On December 31, 2009, what amount should be reported as unearned subscription revenue?

Problem 2: On July 1, 2000, $300,000 face value bonds were issued to pay 4% interest annually every July 1, and matures on July 1, 2010. Kindly solve asked items independently of the succeeding or preceding item/s.
1. If the market rate on the date of issuance is 6.5%. What is the total proceeds from the bond issuance?
2. If the bond in no. 1 was issued for 101.5, how much is the total proceeds from the bond issuance?
3. If the total proceeds from the bond issuance is $292,000, give the entry to record the bond issuance.

Reference no: EM132970548

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