Wizard’s Corporation, a newly developed internet game company, received $1,050,000 for 2,000 three-year subscriptions to a new online game priced at $175 per year. The subscriptions do not start until November of 2009. Fill in the following chart for each of the given years to show the amount of revenue to be recognized on the income statement and the related liability reported on the year-end balance sheet. Wizard’s Corp fiscal year end is December31.
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