A business had a draft profit for the year of $\$ 250000$.
The following errors were then discovered.
1 Depreciation charged was $\$ 25000$. The figure should have been $\$ 40000$.
2 Closing inventory for the period was undervalued by $\$ 10000$.
What was the correct profit for the year?
1 )
$\$ 225000$
$\$ 245000$
3 )
$\$ 255000$
4 )
$\$ 275000$
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