During 20x5, haft co. became involved in a tax dispute with the irs. at december 31, 20x5, haft’s tax advisor believed that an unfavorable outcome was probable. a reasonable estimate of additional taxes was $200,000 but could be as much as $300,000. after the 20x5 financial statements were issued, haft received and accepted an irs settlement offer of $275,000. what amount of accrued liability should haft have reported in its december 31, 20x5 balance sheet?

The former chairman of the federal reserve, alan greenspan, used the term "irrational exuberance" in 1996 to describe the high levels of optimism among stock market investors at the time. stock market indexes such as the s& p composite price index were at an all-time high. some commentators believed that the fed should intervene to slow the expansion of the economy. why would central banks want to clamp down when the economy is growing? a. to block the formation of unsustainable speculative asset bubbles. b. to curtail excessive profits in the banking system. c. to prevent inflationary forces from gathering momentum. d. all of the above. e. a and c only.