In November and December 2011, Gee Company, a newly organized magazine publisher, received $36,000 for 1,000 three-year subscriptions as $12 per year, starting with the January 2012 issue of the magazine.

How much should Gee report in its 2011 income statement for subscriptions revenue on an accural basis? How uch revenue would be reported in 2011 on a cash basis?