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What amount should johnson report as unearned service

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Question - Johnson Company sells contracts agreeing to service equipment for a three-year period. Information for the year ended December 31, 2022 is as follows:

Cash receipts from service contracts sold: P1,920,000

Service contract revenue recognized: 1,560,000

Unearned service contract revenue, January 1: 1,080,000

In its December 31, 2022 statement of financial position, what amount should Johnson report as unearned service contract revenue?

Reference no: EM133170819

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