Close Co. sells major household appliance service contracts for cash. The service contracts are for a one-year, two-year, or three-year period. Cash receipts from contracts are credited to unearned service contract revenues. This account had a balance of $480,000 at December 31, 2015 before year-end adjustment. Service contract costs are charged as incurred to the service contract expense account, which had a balance of $120,000 at December 31, 2015. Outstanding service contracts at December 31, 2015 expire as follows: During 2016 $100,000 During 2017 $160,000 During 2018 $70,000 What amount be reported unearned service contract revenues in close's December 31, 2015 balance sheet? $360,000 $330,000 $240,000 $220,000