Reference no: EM132791717

Shane Crane began a business, Crane Company, on January 1, 2021, with an investment of $110,000. The company had the following assets and liabilities on the dates indicated:

December 31         Total Assets            Total Liabilities

2021                     $375000                   $200,000
2022                    $440,000                    $275,000
2023                     $530,000                    $305,000

Problem 1: Use the accounting equation and the change in owner's equity during the year to calculate the profit (or loss) for: (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

(a) 2021, assuming Shane Crane's drawings were $50,000 for the year.

(b) 2022, assuming Shane Crane made an additional investment of $51,000 and had no drawings in 2022.

(c) 2023, assuming Shane Crane made an additional investment of $10,000 and his drawings were $43,000 for the year.