In year 8, Mondo Magazines began selling one and two-year subscriptions to its publications. Subscriptions are collected in advance and credited to sales. An analysis of the recorded sales activity revealed the following Sales Less cancellations Net sales year 8 year 9 $430,000 $520,000 40,000 $ 60,000 $390,000 $460,000 Subscription expirations: From year 9 Salen From year 8 Sales $115,000 $160,000 $125,000 year 8 year 9 year 10 year 11 $115,000 $205,000 $130,000 $390,000 $460,000 In Mondo's December 31, year 9 balance sheet, the balance for deferred subscription revenue should be