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Schulz Ltd is a company operating in the Northern suburbs of Melbourne. Its statements of...

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Accounting

Schulz Ltd is a company operating in the Northern suburbs of Melbourne. Its statements of financial position at 31 December 2014 and 2015 included the following items:
Statements of financial position at
31 December 201531 December 2014
$000 $000
Retained Earnings 33202940
Taxation Payable 16801520
Schulz paid $80,000 dividends during the year. The tax payable of $1,520,000 in the 2014 statement of financial position is the tax relating to the company's profit in 2014. This amount was fully paid in 2015.
Based only on the above information, which of the following is the best estimate of the cash-based operating profit for the year ending 31 December 2015?

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