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Fell Company operates a retail grocery store that is required by law to collect refundable deposits of P5 on soda cans

Accounting

Fell Company operates a retail grocery store that is required by law to collect refundable deposits of P5 on soda cans. Information for the current year follows: Liability for refundable deposit-(1/1/2019) 150,000 Cans of soda sold 100,000 Soda cans returned 102,000 During the current year, the entity subleased space and received a P25,000 deposit to be applied against rent at the expiration of the lease in 5 years. The lessor appropriately classified the lease as an operating lease. What amount should be reported as current liability for deposit?

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