Photo Tonight, a film-developing and camera-repair franchise, began business on January 1, 2019. In the process of beginning operations, it incurred the following capital expenditures:

Developing equipment $ 80,000

Furniture and fixtures 30,000

Small tools (under $500) 15,000

Class 14 Franchise (expires in 20 years) 75,000

Incorporation costs 5,000

Pickup truck 12,000

Class 13 Leasehold improvements (10-year lease) 30,000

The business was immediately successful and generated substantial profits for the years ended December 31, 2019 and 2020.

In 2020, the truck was traded in for a larger unit costing $ 20,000. A value of $ 7,000 was assigned to the old truck when it was traded in.

In 2021, the owner was forced to leave the business due to illness. As a result, the assets were valued and sold on December 31, 2021, for the following values:

Developing equipment $ 60,000

Furniture and fixtures 15,000

Small tools 10,000

Franchise 80,000

Incorporation costs -0-

Pickup truck 15,000

Leasehold improvements 15,000

Goodwill 50,000

Required: Complete the table below to calculate the effect of all these transactions on net income for tax purposes for the 2019, 2020, and 2021 taxation years. (Use a minus sign (-) when entering numbers that reduce UCC.)