2. Chapter 10 Flores Company publishes a monthly sports magazine. Hunting Preview. Subscriptions to the magazine cost $20 per year. During October 2019. Flores sells 24.000 subscriptions beginning with the November issue. Flores prepares financial statements quarterly and recognizes subscription revenue earned at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue. Flores Company financial statements contained the following data (in millions). Current assets $20,890 Accounts receivable $1,550 Total assets 42,430 Interest expense 980 Current liabilities 15.160 Income tax expense 1.270 Total liabilities 32,580 Net income 2,230 Cash 380 Instructions a) Prepare the entry in October for the receipt of the subscriptions. b) Prepare the adjusting entry at December 31, 2019, to record subscription revenue earned in December 2019. c) Prepare the adjusting entry at March 31, 2020, to record subscription revenue earned in the first quarter of 2020. d) Working capital. e) Current ratio