Kaynes Company provides new subscription services to TV shows and movies. In order to subscribe this service, customers need to pay for a year in advance. As of January 1, 2020, the company receives subscription fees of $240,000 for its upcoming year. What is the balance in the companys deferred revenue account at the end of April 2020? Assume the deferred revenue account had a zero balance on January 1, 2020.

$0

$240,000

$160,000

$80,000