10. 312 points Exercise 2-14 Calculate net income (or loss) using the accounting equation [LO 2, 3] At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $640,000. During the year liabilities decreased by $36,000, assets increased by $130,000, and paid-in capital increased from $60,000 to $384,000. Dividends declared and paid during the year were $50,000. At the end of the year, stockholders' equity totaled $858,000 Required Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity AssetsLiabilities +PIC RE Beginning Changes: 130,000(36,000)+ -$ 640,000 60,000+ Ending +384,000+ ($858,000 total SE)