Final answer:
To find the profit p last year, subtract $2.54 million from $1.38 million.
Step-by-step explanation:
To find the profit p last year, we can use the equation:
p + $2.54 million = $1.38 million
To solve this equation, we need to isolate the variable p. We can start by subtracting $2.54 million from both sides of the equation:
p = $1.38 million - $2.54 million
p = -$1.16 million
Therefore, the profit last year was -$1.16 million.