California Condos
California Condos Uses the Accrual Basis of Accounting

California Condos
California Condos uses the accrual basis of accounting, and had the following account balances on its financial statements at December 31, Year 1.
$\begin{array}{lr}\text { Rent revenue } & \$ 340,000 \\\text { Accounts receivable } & 89,200 \\\text { Utilities payable } & 12,000 \\\text { Rent expense } & 22,000 \\\text { Unearned revenue } & 17,000\\\text { Depreciation expense } & 12,000 \\\text { Salaries expense } & 45,000 \\\text { Salaries payable } & 4,000 \\\text { Retained earnings, January 1 } & 60,000 \\\text { Dividends } & 2,500 \\\text { Interest revenue } & 10,000\end{array}$
-Refer to California Condos.On January 1,the balance of unearned rent revenue was $0.The company collected cash from tenants of its apartment building totalling $600,000 during Year 1.How much should be reported as unearned rent revenue as of December 31,Year 1?