On January, 21, 2019, Claire Holden, the accountant for ABC Analytics, is experiencing pressure to complete the company's annual financial statements. The company president has said he needs the financial statements to present to the bank on January 22, 2019 in connection with loan financing for a special building project. Claire understands she won't be able to prepare the entire set of adjusting entries needed to complete the statement. The entries are necessary to accurately show the financial performance and position for the fiscal ending December 31, 2018. Claire makes the decision to estimate several expense accruals in order to meet the president's requirement. She estimates the expenses on the low side because she does not want the financial statements to appear worse than they really are. She completes the statements on schedule using the low estimates but makes no mention to the president about what she did.

1) Identify any other options she could have considered.

2) If you were Claire what would you have done. State your reasons why.