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16) Kemp Company must determine the December 31, Year 2 accruals for advertising and rent expenses.A P500 advertising bl was received January 7, Year 3. It related to costs of P375 for advertisements in December Year 2 issues and P125 for advertisements in January Year 3 issues of the newspaper. A store lease, effective December 16, Year 1 calls for fixed rent of P1,200 per month payable one month from the effective date and monthly thereafter. In addition, rent equal to 5% of net sales over P300,000 per calendar year is payable on January 31 of the following year, Net sales for Year 2 were P550,000. In its December 31, Year 2 balance sheet, Kemp should report accrued liabilities of