Sales for the year were £4,470. Stock at the beginning of the year was £130 and at the end of the year was valued at £500. Stock purchases during the year came to £3,000. Other expenses appearing in the profit and loss account were £1,000. Depreciation for the year was calculated at £240. The tax owed to the government is £200. The company owns a small area of freehold land valued at £1,100.