question 25.

The balance in Hansel Company's accounts payable account at December 31, 2020, was P1,100,000 before considering the following information: Goods shipped FOB shipping point on December 20, 2020, from a vendor to Hansel were lost in transit. The invoice cost of P20,000 was not recorded by Hansel. On January 6, 2021, Hansel filed a P20,000 claim against the common carrier. . On December 27, 2020, a vendor authorized Hansel to return, for full credit, goods shipped and billed at P35,000 on December 2, 2020. The returned goods were shipped by Hansel on December 27, 2020. A P35,000 credit memo was received and recorded by Hansel on January 6, 2021. What amount should Hansel report as accounts payable in its December 31, 2020, statement of financial position? O P1.115.000 O P1,065,000 O P1.085.000 P1.120.000