what is the end of year 2 liability and why?

III adaition, you learn that the company incurred advertising costs of $28,000 in year 2 , owed the advertising agency $5,300 end of year 1 , and there were no liabilities at the end of year 3 . Also, there were no anticipated bad debts on receivables, and payment was for a two-year period, year 2 and year 3 . Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of y Complete this question by entering your answers in the tabs below. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of year 2 . year 2. Exercise 1-2 (Algo) Accrual accounting [LO1-2] Listed below are several transactions that took place during the second and third years of operations for the RPG Company. In addition, you learn that the company incurred advertising costs of $28,000 in year 2, owed the advertising agency $5,300 end of year 1 , and there were no liabilities at the end of year 3 . Also, there were no anticipated bad debts on receivables, and payment was for a two-year period, year 2 and year 3. Required: 1. Calculate accrual net income for both years. 2. Determine the amount due the advertising agency that would be shown as a liability on RPG's balance sheet at the end of yo Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below