Selected accounts of Tulip Ltd and their balances for the financial year ending 30 June 2021 are provided below.

Account Name	Debit $	Credit $
Sales Revenue		374,800
Accounts Payable		94,500
Accounts Receivable	67,500
Cost of goods sold	105,000
Wages Payable		5,000
Cash at Bank	221,900
Share Capital (15,000 shares)		150,000
Inventory	147,500
Prepaid Insurance	28,500
Revenue Received in Advance		10,600
Rent expense	52,500
Wages expense	54,500
Allowance for doubtful debt		2,500
Other expenses	25000
Retained Earnings (opening balance)		65000

Additional information (not included in the figures above; Ignore GST):

1. Tulip Ltd purchased a machine on 1 June 2021 for $38,000, paying $8,000 cash and signing a 2-month note payable for the remaining balance. Interest rate on the note is 15% per annum. The machine is expected to depreciate $3,600 each year.
2. Stock count of inventories at end of the year revealed that Tulip Ltds inventory on hand balance on 30 June 2021 amounted to $146,000.
3. Cost of insurance that has expired during the financial year amounted to $12,000.
4. The company has determined that the allowance for doubtful debts should be adjusted to reflect 4% of accounts receivable at the end of the year.
5. Tulip Ltd took out a loan of $100,000 at an annual interest rate of 12% from GMC Bank on 30 June 2021. The loan is repayable over 5 years and $12,000 of the loan is payable within 12 months. No interest is accrued on 30 June 2021.

REQUIRED:

1. On the basis of all the information above, calculate Profit (or Loss) for Tulip Ltd for the year ended 30 June 2021.