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What amount of accrued liability should haft have reported

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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. 200,000
b. 250,000
c. 275,000
d. 300,000

Reference no: EM132996294

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