The following transactions occurred during 2022:

(a) Issued shares to investors for $100 000 cash

(b) Borrowed $61 000 from the bank

(c) Purchased equipment for $17 000 cash

(d) Purchased $723 000 of additional inventory on credit

(e) Sold $1 141 900 of products to customers on credit; cost of the goods was $700 000

(f) Incurred $218 200 in selling expenses, paying 80 per cent in cash and owing the rest

(g) Paid cash dividends of $16 000

(h) Earned $4000 interest on investments, receiving 75 per cent in cash

(i) Incurred $2900 in interest expense to be paid at the beginning of next year

(i) What was revenue for the year?

(ii) What are expenses for the year?

(iii) What is the net profit?

(iv) If the opening balance of retained profits was $1 million, what is the closing balance?