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What amount of accrued liability should be reported on dec

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Reference no: EM132850039

Problem 1: During 2020, Fernando Company became involved in a tax dispute with the BIR. On December 31, 2020, the tax advisor believed that an unfavorable outcome was probable. A reasonable estimate of additional tax was P500,000 but could be as much as P750,000. After the 2020 financial statements were issues, the entity received and accepted a BIR settlement offer of P650,000. What amount of accrued liability should be reported on December 31, 2020?

Reference no: EM132850039

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