Problem $1-3$A Financial statements: analysis of statement of changes in equity LO$6$

CHECK FIGURE: Profit $2019=$$$60,000$

Blue Water Kayak began operations on January $1,2019.$ The owner invested $$10,000$ during the first year and was able to withdraw cash of $$42,000$ after a successful first year.

During $2020,$ the second year of operations, the business reported profit of $$175,000,$ owner withdrawals of $$78,000,$ and no owner investments.

In $2021,$ the third year, Blue Water Kayak incurred a loss of $$5,000.$ The owner made no withdrawals and no owner investments during this period. At the end of $2021,$ owner's capital was $$120,000.$

Required Calculate the profit or loss for $2019.$