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What amount will be reported in the financial statements

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Question - Charlie's primary revenue source is from private group charters of 1-15 passengers. He charges $1,250 per hour, regardless of the number of passengers.  He requires a 6-hour minimum and a 30% deposit, with the remainder due at the time of the charter. As of December 31, 2019, Charlie had accepted reservations and payments for 300 hours for the year 2020. During 2020, Charlie accepted reservations and payments for an additional 2,000 hours, of which 1,800 were booked for the year 2020 and the remaining 200 were booked for the year 2021. All charters sailed as planned. What amount will be reported in the 2020 year-end financial statements for "deferred revenue"?

Reference no: EM132913802

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