Transcribed Image Text: Princeton Corp. reported the following amounts on their financial statements for Year 1, Year 2, and Year 3: For the year ended December 31 Year 1 Year

Transcribed Image Text: Princeton Corp. reported the following amounts on their financial statements for Year 1, Year 2, and Year 3:
For the year ended December 31
Year 1
Year 2
Year 3
Cost of goods sold
350,000
430,000
286,000
Net income
105,000
212,000
187,000
Total current assets
650,000
765,000
653,000
Equity
1,350,000
1,670,000
1,715,000
After Year 3, it was discovered that the ending inventory on December 31, Year 1 was overstated by Php
12,000, and the ending inventory on December 31, Year 2 was understated by Php 8,000. The ending
inventory on December 31, Year 3 was understated by Php 23,000.
Ignoring income taxes determine the correct amounts of cost of goods sold, net income, total current assets,
and equity for each of the years Year 1, Year 2, and Year 3.

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