On 1 January 20X1, Tyler Trading Corp. was incorporated by Jim Tyler, who owned all the common shares. His original investment was $130,000. Inventory transactions over the subsequent three years were as follows:

02 January 20X1Purchased 20 units for resale at $5,600 each.Throughout 20X1Sold 19 units for an average of $8,600 each.31 December 20X1Remaining one units have a selling market value of $6,600 each.15 July 20X2Bought five units for resale at $7,600 each.Throughout 20X2Sold four units at an average of $13,200 each.31 December 20X2Remaining two units have a selling market value of $10,600 each.Throughout 20X3Sold all two remaining units at $9,600 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.(Enter negative values with minus sign.)

3. Not available in connect.

4. Not available in connect.