Multiple Choice (3 points each)- Questions 1. Lyle, Inc., is preparing its financial statements for the year ended December 31, Year 3. Accounts payable amounted to $360,000 before any necessary year-end adjustment related to the following: a. At December 31, Year 3, Lyle has a $50,000 debit balance in its accounts payable to Ross, a supplier, resulting from a $50,000 advance payment for goods to be manufactured to Lyle's specifications. Checks in the amount of $100,000 were written to vendors and recorded on December 29, Year 3. The checks were mailed on January 5, Year 4 b. What amount should Lyle report as accounts payable in its December 31, Year 3, balance sheet? A $510,000 B. $410,000 $310,000 D. $210,000