After the accountant of Pike Ltd had prepared the draft financial statements for the year ended 31 December 2020, the following errors came to light 1. Rent received of 1,200 had been incorrectly recorded as rent paid 2. An expense for electricity had been adjusted for an accrual of 500 rather than a prepayment of 500 3. Distribution costs of 3,000 had been incorrectly included in cost of sales rather than treated as an operating expense 4. A motor van purchased for 6,000 during the year has been charged to motor vehicle running expenses. The motor van should be charged with depreciation at the rate of 20% of cost. The profit for the year before these errors was discovered was 65,000. What was the profit for the year after adjusting for these errors? O E71.200 71,700 O 72,000 73.200