Question: Viking Horn Company received an advance payment of $162,000 for a consulting contract during the year. The balance in the Unearned Consulting Fees accounts at

  1. Viking Horn Company received an advance payment of $162,000 for a consulting contract during the year. The balance in the Unearned Consulting Fees accounts at the beginning of the year was $12,000. At the end of the year, $7,000 was still unearned. How much will Viking Horn report as Consulting Revenue on its income statement for the year?

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