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Franklin Company sells magazine subscriptions for one-to three-year periods. Cash receipts from subscribers are credited...

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Franklin Company sells magazine subscriptions for one-to three-year periods. Cash receipts from subscribers are credited to Magazine Subscriptions Collected in Advance, and this account had a balance of Php2,400,000 at December 31, 2021, before year-end adjustments. Outstanding subscriptions at December 31,2021 expire as follows: . During 2022- Php 600,000 During 2023- Php 900,000 During 2024- Php 400,000 In its December 31, 2021 statement of financial position, what amount should Franklin report as the balance for magazines subscriptions collected in advance

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