Gear Co'S Accounts Payable Balance at December 31, 2008 Was $1,500,000

Gear Co.'s accounts payable balance at December 31, 2008 was $1,500,000 before considering the following transactions:
• Goods were in transit from a vendor to Gear on December 31, 2008. The invoice price was $70,000, and the goods were shipped f.o.b. shipping point on December 29, 2008. The goods were received on January 4, 2009.
• Goods shipped to Gear, f.o.b. shipping point on December 20, 2008, from a vendor were lost in transit. The invoice price was $50,000. On January 5, 2009, Gear filed a $50,000 claim against the common carrier.
A) $1,620,000
B) $1,570,000.
C) $1,550,000.
D) $1,500,000.