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Kerr Co.'s accounts payable balance at December 31, 2018 was 1,500,000 before considering the following...

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Accounting

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Kerr Co.'s accounts payable balance at December 31, 2018 was 1,500,000 before considering the following transactions: Goods were in transit from a vendor to Kerr on December 31, 2018. The invoice price was 70,000, and the goods were shipped f.o.b. shipping point on December 29, 2018. The goods were received on January 4, 2019. Goods shipped to Kerr, f.o.b. shipping point on December 20, 2018, from a vendor were lost in transit. The invoice price was 50,000. On January 5, 2019, Kerr filed a 50,000 claim against the common carrier In its December 31, 2018 statement of financial position, Kerr should report accounts payable of

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