3.18 LO3/4 After the accountant of Samaras Co. had prepared the financial statements for the year ended 31 January 2017, the following errors came to light:

1 A motor van purchased at a cost of $12,000, and with accumulated depreciation at the beginning of the year of $4,000, had been depreciated at 20% using the reducing-balance method rather than the straight-line method of depreciation.

2 The payment of $1,500 for a trade payable had been treated as a cash purchase.

3 Withdrawals by the owner of $3,000 during the year had been treated as part of the salaries and wages expense.

4 Bank charges of $400 during the year had been treated as interest charges.

The profit for the year before these errors were discovered was $42,000.

What is the profit for the year after adjusting for these errors?