The directors of DW Limited provided the following information at 30 September 2020. $ 6% debentures (2028) 18000 Bank overdraft 6450 Dividend paid 2000 General reserve at 1 October 2019 6500 Inventory at 30 September 2020 26 300 Issued share capital at 1 October 2019 200 000 Non-current assets at 30 September 2020 Cost 462 000 Provision for depreciation 106 000 Other payables 2200 Other receivables 1600 Provision for doubtful debts at 1 October 2019 625 Retained earnings 73475 Trade payables 8250 Trade receivables 14500 Additional information A draft income statement for the year ended 30 September 2020 was prepared showing a profit of $84900. The following errors were later discovered. 1 Inventory of $26300 included items valued at cost $5200 that needed repair. After repairs costing $600, the items could be sold for $5000. 2 Operating expenses included insurance of $400 that was prepaid at 30 September 2020. 3 The provision for doubtful debts should have been adjusted so that it equals 5% of trade receivables. The directors decided to transfer $5000 to general reserve. There was no change to the issued share capital during the year ended 30 September 2020.