On 1 January 20X1, Tyler Trading Corporation was incorporated by Jim Tyler, who owned all the common shares. His original investment was $ 100,000. Transactions over the subsequent three years were as follows:
02 January 20X1 ..Purchased 20 units for resale at $ 5,000 each.
Throughout 20X1..Sold 12 units for an average of $ 8,000 each.
31 December 20X1.Remaining eight units have a selling market value of $ 6,000 each.
15 July 20X2 ..Bought six units for resale at $ 7,000 each.
Throughout 20X2 ..Sold nine units at an average of $ 12,000 each.
31 December 20X2 .Remaining five units have a selling market value of $ 10,000 each. Throughout 20X3 ..Sold all five remaining units at $ 9,000 each.

Required:
1. Calculate accounting income, based on transactions, for 20X1, 20X2, and 20X3. Assume FIFO.
2. Calculate economic income, based on events or changes in value, for 20X1, 20X2, and 20X3.
3. Compare total accounting income with total economic income, and explain your findings.
4. In what ways is accounting income superior to economic income? In what ways is economic income superior? Use the accounting principles from Chapter 2 to explain.