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What amount of accrued liability should reported on december

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Problem 1: During 2021, Fear Company became involved in a tax dispute with the IRS. On December 31, 2021, the entity's tax advisor believed that an unfavorable outcome was probable and the best estimate of additional tax was $500 but could be as much as $650. After the 2020 financial statements were issued, the entity received and accepted a IRS settlement offer of $550. What amount of accrued liability should be reported on December 31, 2021?

Reference no: EM132650654

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