Psi Media

• Psi Media is under investigation for misstating their advertising expenses.
• The income statement reports $1,000,000 in advertising expenses.
• $150,000 in personal expenses were reported as advertising.
• $100,000 in duplicate payments were found.
• $50,000 in advertising expenses were unrecorded.

Requirement: Calculate the correct advertising expenses and describe the fraudulent activities identified.

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