A company’s draft financial statements for the year to 31 December showed a profit of $630,000.However, the trial balance did not agree, and a suspense account appeared in the company’s draftstatement of financial position.Subsequent checking revealed the following errors:(1) The cost of an item of plant $48,000 had been entered in the cash book and in the plantaccount as $4,800. Depreciation at the rate of 10% per year ($480) had been charged.(2) Bank charges of $440 appeared in the bank statement in December but had not been enteredin the company’s records.(3) One of the directors of the company paid $800 due to a supplier in the company’s payablesledger by a personal cheque. The bookkeeper recorded a debit in the supplier’s ledgeraccount but did not complete the double entry for the transaction. (The company does notmaintain a payables ledger control account).(4) The payments side of the cash book had been understated by $10,000.What would the company’s profit become after the correction of the above errors?
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