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Jemma$$s draft statement of profit or loss shows a profit of $$38,620$ for the year to $31$ December $20$X$9.$ On

investigation it was identified that a piece of equipment that was purchased on $1$ January $20$X$9$ for $$6,000$ had

been debited to the repairs account in error. The policy is to depreciate equipment at a rate of $20\%$ per annum on

cost$.$

What is the net profit for the year to $31$ December $20$X$9$ after adjusting for the above error?

ANS: $43420$