Eric Lu began a small business on 1 July 2018 by depositing $250 000 into a business bank account. On 30 June for the next 3 years, the assets and liabilities of the business were as follows.

Required 

By analysing the changes in equity each year, calculate the profit (loss) made by the business for each year ending 30 June, assuming the following events also occurred.

(a) On 1 January 2019, Eric withdrew $20 000 in cash from the business for personal use.

(b) On 28 August 2019, Eric invested additional cash of $30 000 into the business.

(c) On 31 July 2020, Eric invested additional cash of $25 000 into the business.

(d) On 28 January 2021, Eric withdrew $30 000 in cash for personal use.

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30 June 2019 2020 2021 Total assets $580 000 650 000 740 000 Total liabilities $350 000 370 000 420 000