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Cullumber Company had the following assets and liabilities on the dates indicated

Accounting

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Cullumber Company had the following assets and liabilities on the dates indicated.

December 31

Total Assets

Total Liabilities

2019 Assets $492,000 Liabilities $244,000

2020 Assets $552,000 Liabilities $294,000

2021 Assets $682,000 Liabilities $394,000

Cullumber began business on January 1, 2019, with an investment of $90,000.

From an analysis of the change in owner's equity during the year, compute the net income (or loss) for:

2020, assuming Cullumber made an additional investment of $42,000 and had no drawings in 2020.