Phil purchased new premises and made the following payments.
When recording the purchase of the premises, the legal fees and insurance were both treated incorrectly.
Phil’s accounting policy is not to charge depreciation on non-current assets in the year of purchase.
What was the effect of the errors on the profit for the year?
1 )
$1300 overstated
$1300 understated
3 )
$2700 overstated
4 )
$2700 understated
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