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Tannin Bus Co. sold 8,000 tickets on 1/5/2020 at $20 each for four-month period from...

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Accounting

Tannin Bus Co. sold 8,000 tickets on 1/5/2020 at $20 each for four-month period from 1/5/2020 to 31/8/2020. Assuming that Tannin Co. prepares the financial statements on 31/7/2020, the unearned ticket revenue should be reported at: a. $160,000 b. $80,000 c. $120,000 d. $40,000

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