Embankment Fashions Pty Ltd wishes to determine the entity's net profit for the financial year ending at 30 June 2020. Embankment Fashions provides the following accounts and amounts BEFORE any balance day adjustments listed below are recorded. Cash Sales $450,000; Credit Sales $300,000; Cost of sales $300,000; Salaries $40,000; Prepaid insurance 8,000; Operating expenses $87,000 and Commission revenue received in advance $22,000 Balance Day adjustments before the determination of Net Profit before 30 June 2020 DR: Salaries expense $3,000 CR: Salaries payable $3,000 DR: Insurance $2,000 CR: Prepaid Insurance $2,000 DR: Commission revenue received in advance $4,000 CR: Commission revenue $4,000 Required: Determine the net profit or loss under the cash method for profit determination for the period ending 30 June 2020 Net profit $23,000 Net profit $27,000 Net profit $24,000 Net profit $20,000