Tonoma Inc., a company that follows IFRS, is preparing its December 31, 2020 financial statements. The following two events occurred after December 31, 2020: (1) A flood loss of $80,000 occurred on March 1, 2021. (2) A liability, estimated and accrued at $140,000 at December 31, 2020, was settled on March 15, 2021, at $190,000. The statements were completed on March 10, 2021, and they were authorized for issue on March 17, 2021. 

(a) What effect do these subsequent events have on 2020 net income? 

(b) How would your answer to part (a) change if Tonoma were to follow ASPE?