On February 1, Year 1, Cora Company Collected $60,000 Cash

On February 1, Year 1, Cora Company collected $60,000 cash for consulting services to be provided for one year beginning immediately. The company's fiscal year ends on December 31. Based on this information, the amount of unearned revenue appearing on the December 31, Year 2 balance sheet would be

A) $60,000
B) $55,000
C) $5,000
D) zero