1 At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $518,000. During the year. Habilities increased by $21,000 to $223,000, pald-in capital increased by $33,000 to $173,000, and assets increased by $253,000 Dividends declared and paid during the year were $55,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) 111 points Stockholders' PIC Asunts RE 3518.000 SE Beginning Changes 253,000 21000 33.000 Hind Ending $ 223.000 5 173.000 PR Reference 2 Refer to the data below. 1.11 points Retained earnings, December 31, 2019 Cost of buildings purchased during 2020 Net income for the year ended December 31, 2020 Dividends declared and paid in 2020 Increase in cash balance from January 1, 2020, to December 31, 2020 Increase in long-term debt in 2020 $341,600 42,300 55,700 32,800 23,400 44,100 eBook Required: From the above data, calculate the Retained Earnings balance as of December 31, 2020: Hint Retained earnings Print References