Account for unearned revenue. (LO 1, 3)

In May and June 2010, Lynn Haven Gazette, a newly organized newspaper publisher, received \(\$ 12,000\) for 500 2-year (24-month) subscriptions to a new monthly community events newspaper at \(\$ 12\) per year, starting with the first issue in September 2010. Fill in the following chart for each of the given years to show the amount of revenue to be recognized on the income statement and the related liability reported on the balance sheet. Lynn Haven Gazette's fiscal year-end is June 30.

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2010 2011 2012 Revenue recognized Unearned revenue at June 30