​Improvements, a home improvement​ magazine, collected $ 1 comma 920 comma 000$1,920,000 in subscription revenue on June 30. Each subscriber will receive an issue of the magazine in each of the next 12​ months, beginning with the July issue. The company uses the accrual method of accounting. What is the amount of Subscription Revenue that has been earned by the end of​ December? (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest whole​ number.)

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Question:

​Improvements, a home improvement​ magazine, collected $ 1 comma 920 comma 000$1,920,000 in subscription revenue on June 30. Each subscriber will receive an issue of the magazine in each of the next 12​ months, beginning with the July issue. The company uses the accrual method of accounting. What is the amount of Subscription Revenue that has been earned by the end of​ December? (Round any intermediate calculations to two decimal​ places, and your final answer to the nearest whole​ number.)

Answers

Answer: The amount of Subscription Revenue that has been earned by the end of​ December is $960,000Explanation:The computation of the amount of the subscription revenue is shown below:= Subscription revenue × (number of months ÷ total number of months in a year)= $1,920,000 × (6 months ÷ 12 months)= $960,000The six months is calculated from the July 1 to December 31. Since we have to record the amount for the end of the December so we take the six months

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