On 1 January 20X1, Tyler Trading Corp. was incorporated by Jim Tyler, who owned all the common shares. His original investment wa $200,000. Transactions over the subsequent three years were as follows: 02 January 20x1 Purchased 20 units for resale at $7,000 each. Throughout 20x1 Sold 12 units for an average of $10,000 each. 31 December 20X1 Remaining eight units have a selling market value of $8,000 each. 15 July 20x2 Bought seven units for resale at $9,000 each. Throughout 20X2 Sold ten units at an average of $16,000 each. 31 December 20x2 Remaining five units have a selling market value of $12,000 each. Throughout 20X3 Sold all five remaining units at $11,000 each. Required: 1. Calculate accounting income, based on transactions, for 20X1, 20x2, and 20X3. Assume FIFO. Accounting Income 20X1 $ 36,000 20X2 20X3 Total $ 36,000 2. Calculate economic income, based on events or changes in value, for 20X1, 20X2, and 20X3. (Enter negative values with minus sign.) Economic Income 20X1 $ 44,000 20X2 20X3 Total $ 44,000