Calculate the amended profit/loss James has prepared a draft income statement for his business for the year ended 31 December 2014 that shows a profit for the year of $4970. He then discovers the following errors:

a. Closing inventory had been understated by $1200.

b. Discount received of $240 had been entered on the debit side of that account.

c. The debit balance on the insurance account of $734 had been brought down as $743.

d. A purchase invoice of $5840 had been completely omitted from the records.

e. The rents received account had been overcast by $600.

f. An invoice of $125 for cleaning expenses had been incorrectly posted to wages.

Required

Calculate the amended profit or loss for the year. Show clearly whether each adjustment increases the profit, decreases the profit or has no effect on the profit.