1 At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders equity of $518,000. During the year, liabilities increased by $21,000 to $223,000; paid-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.) 1 Sints ebook Beginning Changes Stockholders' Equity Assets Liabilities PIC RE $ 720,000 $ 202,000 5 140,000 $ 378,000 $518,000 SE 253,000 21,000+ 33,000 Net income [Dividends $ 973.000 $ 223,000 $ 173.000 $ 577,000 Ending Pri