Problem 1-3A Financial statements: analysis of statement of changes in equity LO6 Blue Water Kayak began operations on January 1, 2022. The owner invested $28,000 during the first year and was able to withdraw cash of $69,000 after a successful first year.

During 2023, the second year of operations, the business reported profit of $193,000, owner withdrawals of $87,000, and no owner investments.

In 2024 the third year, Blue Water Kayak incurred a loss of $6,800. The owner made no withdrawals and no owner investments during this period. At the end of 2024, owners capital was $138,000.

Required: Calculate the profit or loss for 2022.