Clark Bell started a personal financial planning business when he accepted $61,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a one-year period beginning June 1, Year 1.

How much revenue would Bell recognize on the Year 2 income statement?

CLARK BELL PERSONAL FINANCIAL PLANNING Horizontal Statements Model for Year 1 Balance Sheet Income Statement Stockholders RevenueExpense AssetsLiabilitiesS Cash Unearned Event et Income Statement of Cash ul Flows Retained Earnings Revenue 61,000 61,000+ 1. Advance payment 2. Revenue earned 25,416 OA 35,583 OA 60,999 OA Totals 61.0001 = 61,000+