Account for unearned revenue. (LO 1, 3)

In November and December 2009, Uncle's Company, a newly organized magazine publisher, received \(\$ 72,000\) for 1,000 3-year (36-month) subscriptions to a new monthly magazine at \(\$ 24\) per year, starting with the first issue in March 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. Uncle's Company's fiscal year-end is December 31 .

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2009 2010 2011 2012 Revenue recognized during Unearned revenue at December 31