A company’s income statement for the year ended 31 December 20X5

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June 7th, 2024

A company’s income statement for the year ended 31 December 20X5 showed a net profit of $83,600. It was laterfound that $18,000 paid for the purchase of a motor van had been debited to the motor expenses account. It is thecompany’s policy to depreciate motor vans at 25% per year on the straight line basis, with a full year’s charge in theyear of acquisition.What would the net profit be after adjusting for this error?

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