After receiving an inheritance, Sandra Yaworski decided to invest her newly acquired funds in real estate. In 20X1, she purchased the following properties:

Each of the properties is a residential condominium unit, and each unit is part of a separate condominium high-rise project. Not all of the units were fully rented during the year of acquisition, and Yaworski determined that her net rental position (before capital cost allowance) for each of the properties was as follows for 20X1:

* Property taxes, insurance, interest, maintenance.
In 20X2, one of Yaworski€™s close relatives ran into financial difficulty, and she was forced to sell two of the properties in order to provide financial assistance. She sold property 1 for $52,000 (land $12,000, building $40,000) and property 3 for $110,000 (land $24,000, building $86,000). In 20X2, the four properties (including the two sold properties to the date of sale) earned net rental income of $7,000.
Required:
Determine Yaworski€™s net income from property from the rental properties for 20X1 and 20X2.

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Land Building Total Property 1 S10,000 S40,000 S50,000 12,000 45,000 57,000 20,000 80,000 100,000 30,000 100,000 130,000 Property 4 Total S4,000 S5,000 S7,000 S12,000 $28,000 (6,000 3000 6,000 9,000 (24000) (S2.000 $2.000 $1000 S 3.000 S4.000 Rent revenue Expenses Income (loss)