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Cornerstone Exercise 5-22 (Algorithmic) Service Revenue Softball Magazine Company received advance payments of $75,000 from customers during 2019. At December 31, 2019, $20,000 of the

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Cornerstone Exercise 5-22 (Algorithmic) Service Revenue Softball Magazine Company received advance payments of $75,000 from customers during 2019. At December 31, 2019, $20,000 of the advance payments still had not been earned. Required: After the adjustments are recorded and posted at December 31, 2019, calculate what the balances will be in the Unearned Magazine Revenue and Magazine Revenue accounts. Unearned Magazine Revenue Magazine Revenue

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