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How much should be reported on the balance sheet

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Akira Company has an obligation to annually pay P185,000 in the defined contribution plan of its employees. At the start of 2020, it has an outstanding payable of P25,000. It paid the following contributions: P160,000 during 2020, P250,000 during 2021 and P160,000 during 2022.

Question 1. How much should be reported on the 2020 Balance Sheet? [Indicate if it is an asset or liability]

Question 2. How much should be reported on the 2021 Balance Sheet? [Indicate if it is an asset or liability]

Question 3. How much should be reported on the 2022 Balance Sheet? [Indicate if it is an asset or liability]

Reference no: EM132545455

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