1 Beta Co has total assets of $555,000 and profit for the year of $160,000 recorded in the financial statements for the year ended 31 December 20X3. Inventory costing $45,000, which was received into the warehouse on 2 January 20X4, was included in the financial statements at 31 December 20X3 in error. What would be the profit for the year and total assets after adjusting for this error? Profit for the year Total assets ABCD A $205,000 $600,000 $115,000 $600,000 $205,000 $510,000 D $115,000 $510,000