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You are closing your books on December 31, 20X5. During the month, you received a 50% advance related to a $120,000 contract with a customer.

You are closing your books on December 31, 20X5. During the month, you received a 50% advance related to a $120,000 contract with a customer. When you received the advance, you recorded it to Revenue. The job is 40% completed on December 31, 20X5. Revenue has not been adjusted since you received the advance payment. After you prepare and record the adjusting journal entry to Revenue, what is the balance in Unearned Revenue?

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