Mathematics · Accounting Calculations

After preparing a draft Statement of Profit or Loss showing a profit of $45,000, the following errors were discovered: 1. A payment of $1,200 for repairs was correctly entered in the cash book but was not posted to the repairs account. 2. A sale of goods on credit for $850 was recorded in the sales account as $580. The entry in the receivables ledger was correct. What is the revised profit after correcting these errors?