What amount should be recordedas accrued liability on December 31,2021 in relation to this event? *1. Honest Corporation carried a provision of P1,500,000 in the draft financial statementsfor the year ended December 31, 2021 in relation to a labor case.The case was settled for P2,500,000 on February 28, 2022, a week before the financialstatements for the year ended December 31, 2021 were authorized for issue. Whatamount should be recorded as accrued liability on December 31, 2021 in relation to thisevent?A. 1,500,000B. 2,500,000C. 1,000,000D. 0E. None of them

Accrued liability refers to that expenses have been incurred but not paid during an accounting…

Answered: What amount should be recorded as…

Business

Accounting

What amount should be recorded as accrued liability on December 31, 2021 in relation to this event?

SWFT Essntl Tax Individ/Bus Entities 2020

23rd Edition

ISBN:9780357391266

Author:Nellen

Publisher:Nellen

Chapter12: Corporations: Organization, Capital Structure, And Operating Rules

Section: Chapter Questions

Problem 41P

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1. What amount should be recorded as accrued liability on December 31, 2021 in relation to this event? A. 1,500,000 B. 2,500,000 C. 1,000,000 D. 0 E. None of them
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