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Problem 1: During 20x1, Haft Co. became involved in a tax dispute with the BIR. At December 31, 20x1, 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 20x1 financial statements were issued, Haft received and accepted a BIR settlement offer of P275,000. What amount of accrued liability should Haft have reported in its December 31, 20x1 balance sheet?
a. 200,000b. 250,000c. 275,000d. 300,000
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