A sole trader is preparing his income statement for the year ended 31 December 2021, his first year of trading. The following information is available.
He took goods for his own use, $\$ 1000$, during the year. There was no closing inventory.
What was his profit for the year?
1 )
$\$ 4500$
$\$ 5500$
3 )
$\$ 7400$
4 )
$\$ 7900$
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