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A company had the following unadjusted balances on specific accounts for the year ended December 31, 2020: ACCOUNT AMOUNT Accounts Payable, net of debit balances
A company had the following unadjusted balances on specific accounts for the year ended December 31, 2020: ACCOUNT AMOUNT Accounts Payable, net of debit balances of P 50,000 P 150.000 Accounts Receivable, net of credit balances of P 25,000 P 250,000 Bonds Paylble P 453,000 Cash Dividends Payable P 125,000 Stocks Dividend Payable P 156,000 Unearned Subscription Revenue P 654.000 . . Other details are as follows: Of the Unearned Subscription Revenue balance, 25% were earned during 2020. Bonds Payable is due on July 31, 2025. However, a breach of contract related to the bonds occurred on December 18, 2020 and the payable becomes due on demand. On January 8, 2021, the company and the lender reached a compromise and agreed that the payable will be due on July 31, 2023 instead of the original maturity date. Determine the current liability to be reported on December 31, 2020
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