50 . Apple Company sells contracts agreeing to service equipment for a three - year period Information for the year ended December 31 2009 is as follows Cash receipts from service contracts sold P 960.000 Service contract revenue recognized 780.000 Unearned service contract revenue , 1 / 1/ 09 540.000 In its December 31 2009 statement of financial position , what amount should Apple report as unearned service contract revenue ? 2 . P 550.000 b . P720.000 P 240.000 P 390.000