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Crane Company publishes a monthly sports magazine, Fishing Preview. Subscription to the magazine cost $30 per...

Crane Company publishes a monthly sports magazine, Fishing Preview. Subscription to the magazine cost $30 per year. During November 2020, Crane sells 25,000 subscriptions beginning with the December issue. Crane prepares financial statements quarterly and recognizes subscription revenue at the end of the quarter. The company uses the accounts Unearned Subscription Revenue and Subscription Revenue.

Prepare the adjusting entry at December 31, 2020, to record sales revenue recognized in December 2020
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