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What the profit for the year ended december was

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Reference no: EM133006294

Problem 1: Novalyn entered into a one-year tenancy contract from March 1, 2021 to February 28, 2022. The monthly rent was P180,000. For the year ended December 31, 2021, Novalyn paid P2,160,000 for the contract and recorded it as rental expenses. The profit for the year ended December 31, 2021 was ________.

Select one:

a. underestimated by P360,000

b. underestimated by P1,800,000

c. overestimated by P1,800,000

d. overestimated by P360,000

Reference no: EM133006294

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