A company had the following results for the year:

It achieved revenue of $2,500,000

It incurred operating expenses of $2,750,000

It spent $200,000 on a new piece of equipment

It borrowed $450,000 to fill the shortfall

How would you describe the company's results?

a)profit of $200,000

b)profit of $50,000

c)no profit, no loss

d)loss of $50,000

e)loss of $250,000

f)loss of $450,000