Sean Company's beginning inventory at January 1, 2004 was understated by P45,500. Breton purchased for P420,000 a machine with a useful life of 10 years. Laden Company purchased a patent for P535,500. Kincaid Co. Adopted the accounting principle of expensing advertising and promotion costs as they are incurred.
Sean Company's beginning inventory at January 1, 2004 was understated by P45,500. Breton purchased for P420,000 a machine with a useful life of 10 years. Laden Company purchased a patent for…