Kite Company sells magazine subscriptions of one to three-year periods. Cash receipts from subscribers are credited magazine subscriptions collected in advance, and this account had a balance of P2,400,000 at December 31, 2002 before year-end adjustment. Outstanding subscriptions at December 31, 2002 expire as follows: During 2003600,000 During 2004 900,000 During 2005400,000 In its December 31, 2002 balance sheet, what amount should Kite report as the balance for magazine subscriptions collected in advance? What amount should Kite report as magazine subscriptions revenue for the year ended December 31,2002?