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Question - Ducky Company reported the following information at the end of reporting period:
Accounts payable1,000,000
Advances to employees 45,000
Unearned rent revenue 300,000
Estimated liability under warranties 250,000
Cash surrender value of officers' life insurance 75,000
Bonds payable 5,000,000
Discount on bonds payable 500,000
Trademark 50,000
Required - What amount should be reported in the statement of financial position as total liabilities?
a. 6,050,000
b. 1,550,000
c. 7,050,000
d. 6,095,000
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