On January 20, 2020, Tony North, the accountant for Public Enterprises, is feeling pressure to complete the annual financial statements. The company president has said he needs up-to-date financial statements to share with the bank on January 21 at a dinner meeting that has been called to discuss the company obtaining loan financing for a special building project. Tony knows that he will not be able to gather all the needed information in the next 24 hours to prepare the entire set of adjusting entries. Those entries must be posted before the financial statements accurately portray the company's performance and financial position for the fiscal period ended December 31, 2019. Tony ultimately decides to estimate several expense accruals at the last minute. When deciding on estimates for the expenses, he uses low estimates because he does not want to make the financial statements look worse than they are. Tony finishes the financial statements before the deadline and gives them to the president without mentioning that several account balances are estimates that he provided.

Required: If you were in Tony's situation, (1) what would you have done and (2) why would you had made that choice? Please justify your post with an explanation.