A company prepares accounts to 31 December each year and lets two properties to tenants. The following information relates to the year to 31 December 2017:

(a) Property A is owned by the company. The property was let from 1 January 2017 to 30 June 2017 at an annual rent of £9,600, payable monthly in advance. However, the rent due on 1 May and 1 June 2017 was not paid and the tenant then absconded .
The company has now written off this rent as a bad debt.
Having advertised for a new tenant (cost £200), the company re -let the property from 1 September 2017 at an annual rent of £10,200, payable monthly in advance. The rent due on 1 December 2017 was not received until 3 January 2018.
Apart from advertising, the only other expenses incurred by the company in relation to Property A during the year to 31 December 2017 were:

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Minor repairs Interest on loan to acquire the property 230 8,400 (b) Property B is a leasehold property which was acquired by the company on 1 October 2017. The company paid a premium of 120,000 for the grant of a 25 -year lease but is not required to pay rent. As from 1 October 2017, this property was let to a tenant at an annual rent of 12,000. The first year's rent was paid in advance and the tenant also paid a premium of 40,000 for the grant of a 10-year lease. No expenses were incurred in relation to this property during the year. Calculate the company's property business profit for the year to 31 December 2017.