At 1 January, a company possessed 300000 ordinary shares of $1 each and a 10% bank loan of $100000. On 1 July, the company issued a 6% debenture of $800000. For the year ending 31 December, profit from operations was $120000. During the year, the company paid a dividend of $0.05 per ordinary share. What was the profit for the year ended 31 December?
- A$71000
- B$86000
- C$96000
- D$110000