Tesla Co has total assets of $555,000 and profit for the year of $160,000 recorded in the financial statements for the year ended 31 December 2013 . Inventory costing $45,000, which was received into the warehouse on 2 January 2014 , was included in the financial statements at 31 December 2013 in error. What would be the profit for the year and total assets after adjusting for this error? Profit for the year $205,000 and total assets $510,000. Profit for the year $205,000 and total assets $600,000. Profit for the year $115,000 and total assets $510,000. Profit for the year $115,000 and total assets $600,000. 10 points A balance of 'discount received' of $1,123 was recorded in the general ledger as $2,123 credit. Which accounting error is this? Error of omission Error of commission Error of transposition Error of principle 10 points Given a selling price of $700 and gross profit mark-up of 40%, what is the cost of an item? $420 $280 $500 $980