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Photo Tonight, a film-developing and camera-repair franchise, began business on January 1, 2022. 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
Franchise (expires in 20 years)		75,000
Incorporation costs		5,000
Pickup truck		12,000
Leasehold improvements (10-year lease)		30,000

The business was immediately successful and generated substantial profits for the years ended December 31, 2022 and 2023.

In 2023, 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 2024, the owner was forced to leave the business due to illness. As a result, the assets were valued and sold on December 31, 2024, 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 2022, 2023, and 2024 taxation years. Assume none of the assets are designated immediate expensing property. (Use a minus sign (-) when entering numbers that reduce UCC.)

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