Assignment Blue Water Kayak began operations on January 1, 2019. The owner invested $21,000 during the first year and was able to withdraw cash of $58,500 after a successful first year During 2020, the second year of operations, the business reported profit of $186,000, owner withdrawals of $83,500, and no owner investments In 2021, the third year, Blue Water Kayak incurred a loss of $6,100. The owner made no withdrawals and no owner investments during this period. At the end of 2021, owner's capital was $131,000. Required: Calculate the profit or loss for 2019. Profit The following income statement was prepared by an office clerk hired for July. As the accounting supervisor, you recognize that it is incorrect and prepare a corrected multi-step income statement. $562,540 37,200 18,080 $617,820 Demo Sales Income Statement For Month Ended: July 31, 2020 Sales Accounts receivable Unearned sales Net sales Operating expenses: Accumulated depreciation, equipment Advertising expense Cost of goods sold Depreciation expense, equipment Insurance expense Interest expense Interest payable Jen Conway, withdrawals Office supplies Prepaid insurance Prepaid rent Rent expense Salaries payable Sales discounts $ 38,200 14,080 394,800 3,880 2,540 1,780 270 14,040 9,400 14,800 25,200 5,240 175,200 2,880 693,519 $ 75,690