Question 1 Some years ago, after he graduated, Fred Murray (the musician) opened his own retail shop selling musical instruments. His recent profit for the 2021/22 tax year was 21,700 after having deducted the following expenses. He had already deducted drawings of 2,200 per month in calculating this profit figure. Entertainment of foreign suppliers 1,700 (of which 200 was for entertaining his own family) Penalty fees for non-submission of tax return, 851 Petrol costs of 2,000 (of which 20% was for private use) Painting of the interior of the musical shop, 550 Required: Calculate for Fred the correct profits that he should include on his tax return for 2021/22. 5 marks