Tribune newspapers sold 20,000 annual subscriptions at $99 each in June. Assume Tribune began delivering newspapers (i.e.began satisfying its performance obligations under the subscription agreements) to all of these customers on July 1. On its December 31 financial statements of the same year, Tribune recognizes ________ as a result of these subscriptions.

		$1,980,000 of unearned revenue as a current liability on its balance sheet
		$1,980,000 of subscription revenue on its income statement
		$990,000 of unearned revenue as a current liability on its balance sheet and $990,000 of subscription revenue on its income statement
		$825,000 of unearned revenue as a current liability on its balance sheet and $1,155,000 of subscription revenue on its income statement