People magazine ell annual ubcription. The magazine ubcription fee are collected in advance and had a balance of $ 5,000,000 on December 31, 2015. The magazine received $3,500,000 in cah from ubcriber in year 2016. Alo, magazine ubcription revenue reached $6,000,000 in the ame year. How much hould People magazine report a the balance for magazine ubcription collected in advance (i. E. , unearned revenue) in it December 31, 2016 balance heet?
