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A companys statement of profit or loss for the year ended 31 December 2018 showed a net profit of $83,600. It was later found that
A companys statement of profit or loss for the year ended 31 December 2018 showed a net profit of $83,600. It was later found that $18,000 paid for the purchase of a motor van had been debited to the motor expenses account. It is the companys policy to depreciate motor vans at 25% per year on a straight-line basis, with a full years charge in the year of acquisition. What would the net profit be after adjusting for this error?
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