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Kent Co., a division of National Realty, Inc., maintains escrow accounts and pays real estate taxes for National's mortgage customers. Escrow funds are kept in interest-bearing accounts. Interest, less a 10% service fee, is credited to the mortgagee's account and used to reduce future escrow payments. Additional information follows:
Escrow accounts liability, 1/1/Y2 $ 700,000 Escrow payments received during year 2 1,580,000 Real estate taxes paid during year 2 1,720,000 Interest on escrow funds during year 2 50,000 What amount should Kent report as escrow accounts liability in its December 31, year 2 balance sheet?
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for staples inc1. answer the questions on the following pages.nbsp2. perform vertical analysis on the income statements
The last two columns contain the adjusted trial balance as of the same date.
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