P3.6 (Calculation of Profit and shareholders' equity) The balances below are shown in alphabeti- cal order in a professional service firm's ledger at the end of a financial year. Calculate a. The profit for the year b. The shareholders' equity at the end of the year Advertising $15,000 Bank 5,000 Shareholder's equity at the beginning of the year 71,000 Accounts payable 11,000 Accounts receivable 12,000 Fixed assets Income 100,000 135,000 Rent 10,000 Salaries 75,000