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What amount of accrued liability should Haft have reported

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Problem - During 2021, Haft Company became involved in a tax dispute with the BIR. At December 31, 2021, Haft's tax advisor believed that an unfavorable outcome was probable. A reasonable estimate of additional taxes was P200,000 but could be as much as P300,000. After the 2021 financial statement were issued, Haft received an accepted an BIR settlement offer of P275,000. What amount of accrued liability should Haft have reported in its December 31, 2021 balance sheet?

Reference no: EM132943899

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