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Wellness, a healthy living magazine, collected $ 540, 000 in subscription revenue on May 31. Each subscriber will receive an issue of the magazine in

Wellness, a healthy living magazine, collected $ 540, 000 in subscription revenue on May 31. Each subscriber will receive an issue of the magazine in each of the next 12 months, beginning with the June issue. The company uses the accrual method of accounting. What is the balance in the Unearned Revenue account as of December 31?

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