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.