15. Which of the following statements is true? a. GAAP requires that unconditional non-cancellable purchase obligations be accrued and reported as liabilities on the balance sheet. Unearned revenues collected in advance should be classified as deferred credits on the balance sheet. c. GAAP requires that footnote disclosures of future payments resulting from off-balance- sheet financing transactions be disclosed separately for only the next five years. d. If a company sells goods and agrees to repurchase them at a specified price, both a sale and a current liability should be recorded if the requirements of GAAP are to be met. 16. The Lawrence Company records its trade accounts payable net of any cash discounts. At the end of 2017 had a balance of s300,000 in its trade accounts payable account before any adjustments related to the following 1. Goods shipped to Lawrence FoB shipping point were in transit on December 31, The invoice price of the goods was $50,000, with a 2% discount allowed for prompt payment. 2. Goods shipped to Lawrence FoB destination on December 29 arrived on January 2, 2011. The invoice price of the goods was S8,000, with a 4% discount allowed for payment within 20 days. 3. On December 10, Lawrence had recorded a shipment received. The recorded invoice price was $24,750, net, with a 1% discount allowed for payment within 14 days. At the end of the year, payment had not been made