This exercise will illustrate the accounting for unearned revenue. Soap Opera Summarized is published by Viewer Publishers. Subscriptions to the magazine are sold for a one-year, two-year, or three-year period. Cash receipts from subscribers are credited to Unearned Subscription Revenue, and this account had a balance of $3,000,000 at December 31, 2014, before adjustment. Outstanding subscriptions at December 31, 2014, expire as follows: During 2015 $600000 During 2016 400000 During 2017 300000 Total $1300,000 Instructions Prepare the journal entry to adjust the Unearned Subscription Revenue account at December 31, 2014. Explain how relevant amounts will be reported on the annual financial statements prepared at the end of 2014.