Question: CORRECTION OF ERRORS - SET BProblem1.John Paul 's December 31 year-end financial statements had the following errors:December 31, 2020 December 31, 2021Ending inventory P13,500 understatedP19,800

CORRECTION OF ERRORS - SET BProblem1.John Paul 's December 31 year-end financial statements had the following errors:December 31, 2020 December 31, 2021Ending inventory P13,500 understatedP19,800 overstatedDepreciation expense 3,600 understated -Unearned rental 5,000 understated -Prepaid insurance-8,000 understatedThere were no other errors during the years 2020 or 2021 and no connections have been made for any of the errors. (ignore income tax considerations). 1.What is the net effect of the errors on John Paul's 2021 net income? a.understated by P13,000b.overstated by P14,800c.overstated by P20,300d.overstated by P25,300 2.What is the net effect of the errors in John Pa

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