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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: 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: 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.) 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.) 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: 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: 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.) 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.)