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XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common stock to owners for $319,000 cash.
XYZ Company began operations in 2019 and entered into the following transactions during the year: February 15: Sold common stock to owners for $319,000 cash. May 22: Purchased inventory costing $36,000 on account. June 1: Received $104,330 cash from a customer for services to be performed over the next ten months. August 19: Sold the inventory purchased on May 22 for $117,000. The customer paid of the bill on August 19 and agreed to pay the other at a future point in time. December 31: Recorded all necessary adjusting entries. Calculate the amount of unearned revenue reported in XYZ Company's December 31, 2019 balance sheet.
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