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Kale Company's accounts payable balance at December 31,2017 was \\( \\$ 1,600,000 \\) before considering...

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Accounting

Kale Company's accounts payable balance at December 31,2017 was \\( \\$ 1,600,000 \\) before considering the following transactions: - Goods were in transit from a vendor to Kale on December 31, 2017. The invoice price was \\( \\$ 70,000 \\), and the goods were shipped f.o.b. shipping point on December 29, 2017. The goods were received on January 4, 2018. - Goods shipped to Kale, f.o.b. shipping point on December 20, 2017, from a vendor were lost in transit. The invoice price was \\( \\$ 50,000 \\). On January 5,2018 , Kale filed a \\( \\$ 50,000 \\) claim against the common carrier. In its December 31, 2017 balance sheet, Kale should report accounts payable of \\( \\$ 1,720,000 \\). \\( \\$ 1,650,000 \\). \\( \\$ 1,670,000 \\). \\( \\$ 1,600,000 \\)

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