Lu had the following capital account balances.
During year 2 the following took place:
1- cash drawings ＄33 000
2- personal motor vehicle introduced to the business at a value of ＄24 500.
Expenses for the year include a payment for rent of ＄10 000, of which 40% was for Lu’s personal use.
What was his profit for year 2?
1 )
＄5200
2 )
＄13 200
3 )
＄22 200
＄30 200
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