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Flounder Models has the following account balances at December 31, 2024: Notes payable ($50,000 due after Dec. 31, 2025) $84,000 Unearned revenue 59,000 Mortgage payable

Flounder Models has the following account balances at December 31, 2024: Notes payable ($50,000 due after Dec. 31, 2025) $84,000 Unearned revenue 59,000 Mortgage payable ($76,000 due in 2025) 210,000 Salaries payable 27,000 Accounts payable 53,000 In addition, Flounder is involved in a lawsuit. Legal counsel feels it is probable Flounder will pay damages of $21,000 in 2025. Flounder records contingent liabilities in the account Litigation Liability

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