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You are the senior accountant responsible for recording accrued liabilities at the end of the company's fiscal year. Discuss with your classmates how to determine the amount that needs to be reported as an accrued liability on the financial statements. What information do you think you would need? How would you record the liability? Is it current or non-current? How would you determine whether it is current or non-current? What disclosures will be required to support the amount reported on the balance sheet?

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