The Unearned Revenue amount on the Nov. trial balance relates to amounts that the company previously collected in cash for sales that were to be completed in the future. The company completed some of these sales during December and now owes only $16,000 of that unearned revenue. Record the necessary adjustment for December 31, 2012. On December 31, 2012, the company purchased 50 shares of its own Preferred Stock for Treasury Stock for $11 per share