Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications....
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Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Related information for 2018 is as follows ($ in millions): Customer advances balance, Dec. 31, 2017 Advances received with 2018 orders Advances applicable to orders shipped in 2018 Advances from orders canceled in 2018 $102 197 176 43 What amount should Lake report as a current liability for advances from customers in its Dec 31, 2018, balance sheet? Multiple Choice $299 million O $80 million o C
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