Required information E10-6 (Algo) Determining and Recording the Financial Statement Effects of Deferred Revenue [LO 10- 2] [The following information applies to the questions displayed below.] The Riesen Publishers (TRP) is a publisher of magazines. Its accounting policy for subscriptions follows: Revenues Revenues from our magazine subscription services are deferred initially and later recognized as revenue as subscription services are provided. Assume TRP (a) collected $510 million in 2021 for magazines that will be distributed later in 2021 and 2022, (b) provided $249 million of services on these subscriptions in 2021, and (c) provided $261 million of services on these subscriptions in 2022. E10-6 (Algo) Part 2 2. Using the information given, prepare the journal entries that would be recorded for (a), (b), and (c). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in whole dollars.) View transaction list 1 Record the collection of $510,000,000 for magazine subscriptions to be delivered later in 2021 and 2022. Record the service revenue of $249,000,000 earned in 2021. 3 Record the service revenue of $261,000,000 earned in 2022. be