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What amount of accrued liability should tedd have

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Reference no: EM132668078

Question - During 2005, Tedd Co. became involved in a tax dispute with the IRS. At December 31, 2005, Tedd's tax advisor believed that an unfavorable outcome was probable.

A reasonable estimate of additional taxes was $400,000 but could be as much as $600,000.

After the 2005 financial statements were issued, Tedd received and accepted an IRS settlement offer of $450,000.

Required - What amount of accrued liability should Tedd have reported in its December 31, 2005 balance sheet?

a. $500,000

b. $600,000

c. $400,000

d. $450,000

Reference no: EM132668078

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