Ivanhoe Company had the following assets and liabilities on the dates indicated.
December 31
Total Assets
Total Liabilities
2021
$478,000
$293,000
2022
$538,000
$343,000
2023
$668,000
$443,000
Ivanhoe began business on January 1, 2021, with an investment of $97,000.
From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:
(a) 2021, assuming Ivanhoe's drawings were $23,000 for the year.
Net loss
for 2021
$
259,000
