Heartland Company reported liabilities totaling $1,230,000 as of December 31,2014.The following information relates to those liabilities:
(a)Heartland reported a $100,000 bank loan payable.However,Heartland intends to repay this loan on January 10,2015.
(b)Heartland has reported a $40,000 liability for the estimated cost of future warranty repairs based on product sales for the past year.
(c)Heartland is being sued for $350,000 by a disgruntled employee.Heartland's attorney thinks that it is possible that Heartland will lose the case.Heartland has not yet recorded any liability for this potential loss.
(d)Heartland receives consulting services from a local CPA.Expected services by the CPA for the coming year will cost $35,000.No liability has been recorded.
(e)Heartland has reached an agreement with a major customer.Heartland expects to provide services totaling $400,000 over the coming three years.The customer has already paid Heartland $100,000.No liability has been recorded.
After considering these items,what should be the total of Heartland' reported liabilities?

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The Answer of Heartland Company reported liabilities totaling $1,230,000 as of December 31,2014.The following information relates to those liabilities:
(a)Heartland reported a $100,000 bank loan payable.However,Heartland intends to repay this loan on January 10,2015.
(b)Heartland has reported a $40,000 liability for the estimated cost of future warranty repairs based on product sales for the past year.
(c)Heartland is being sued for $350,000 by a disgruntled employee.Heartland's attorney thinks that it is possible that Heartland will lose the case.Heartland has not yet recorded any liability for this potential loss.
(d)Heartland receives consulting services from a local CPA.Expected services by the CPA for the coming year will cost $35,000.No liability has been recorded.
(e)Heartland has reached an agreement with a major customer.Heartland expects to provide services totaling $400,000 over the coming three years.The customer has already paid Heartland $100,000.No liability has been recorded.
After considering these items,what should be the total of Heartland' reported liabilities?

Heartland Company Reported Liabilities Totaling $1,230,000 as of December 31,2014