Eagle, Inc. is preparing its financial statements for the year ended December 31, Year 1. Accounts payable amounted to P200,000 before any necessary year-end adjustment related to the following: At...

Eagle, Inc. is preparing its financial statements for the year ended December 31, Year 1. Accounts payable amounted to P200,000 before any necessary year-end adjustment related to the following:

• At December 31, Year 1, Eagle has a P50,000 debit balance in its accounts payable to Twist, a supplier, resulting from a P50,000 advance payment for goods to be manufactured to Eagle's specifications.


• Checks in the amount of P25,000 were written to vendors and recorded on December 29, Year 1. The checks were mailed on January 5, Year 2.

What amount should Eagle report as accounts payable in its December 31, Year 1 balance sheet?