Accounts Payable. King Co.'s accounts payable at December 31, 2020 was P1,400,000 before considering the following data: • Goods shipped to King on December 22, 2020, FOB shipping point, were lost in transit. The invoice cost of P80,000 was not recorded by King. On Jan. 5, 2021, King filed a P80,000 claim against the common carrier. • Goods shipped to King on Dec. 20, 2020, FOB destination, were received on Jan. 6, 2021. The invoice cost was P50,000. What amount should King report as accounts payable in its December 31, 2020 statement of financial position? 3. Unearned Income. Star Pro Magazine sold 10,000 annual subscriptions on August 1, 2020, for P200 each. How much is the unearned subscription income on August 1, 2020? How much is the unearned subscription income balance on December 31, 2020?