Consider the following four the independent situations: Sports Media Inc. publishes a monthly sports magazine. The subscription price is $36 per year. Subscribers receive their first issue of the magazine in the month that follows the payment of the subscription price. At November 30, 2023, the company received $120,000 from subscribers for which it had to deliver 40,000 issues of the magazine during the next 12 months. In December 2023, the company delivered 6,000 magazines to subscribers, and sold 5,000 new one-year subscriptions at $36 per year. The new subscribers received their first issue in January 2024. For the independent situation, identify the account title(s) and compute the amount(s) of the liabilityies) that should be reported on each company's statement of financial position as at December 31, 2023