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What amount should cora show as escrow liability

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Question 1: On the first day of each month, CORA Company receives from a customer escrow deposit of P500,000 for estate tax. CORA records this amount in an escrow account. The customer's real estate tax is P5,600,000 payable in equal installments on the first day of each calendar quarter. On January 1, 2020, the balance of the escrow account was P600,000. On September 30, 2020, what amount should CORA show as escrow liability in behalf of this customer?

Reference no: EM132893969

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