A6.1 On 1 May the Sea Traders Company purchased 200 spare parts for fishing boats, costing \(£ 20\) each. On 5 May, 60 of these spare parts were sold to a customer at a price of \(£ 25\) each. The customer paid in cash immediately.
(a) Calculate the profit made on this transaction.
(b) Explain the impact of each transaction on the accounting equation.