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Use the following information for the next two (2) questions: During 2016, Raven Company became involved in a tax dispute with BIR. At December 31, 2016, Raven's tax advisor believed that an unfavorable outcome was probable and a reasonable estimate of additional taxes was P5,000,000 but could be as much as P6,500,000. After the 2016 financial statements were issued, Raven received and accepted a BIR settlement offer of P5,500,000 10) What amount of accrued liability would Raven have reported in its December 31, 2016 balance sheet? A. 6,500,000 B. 5,750,000 C. 5,500,000 D. 5,000,000 11) Assume that the company accepted the BIR settlement offer of P5,500,000 before the 2016 financial statements were issued, what amount of accrued liability would Raven have reported in its December 31, 2016 statement of financial position? A. 6,500,000 B. 5,750,000 C. 5,500,000 D. 5,000,000