19 At the beginning of the current fiscal year, the balance sheet for Davis Co. showed abilities of $480,000. During the year, abilities decreased by $27.000, assets increased by $97,500, and paid-in capital increased from $45,000 to $288.000. Dividends declared and paid during the year were $37.500. At the end of the year, stockholders equity totaled $64,500 Required: Calculate net income (or loss) for the year, Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negetive financial statement effect) Assets Beginning Changes $40,000 37.500 27.000 Stockholders' Equity RE PIC $ 45.000 Ending $288,000 643500 SE Skipped eBook Print References Statement of Stockholders' Equity (Partial)) Retained earnings, beginning Retained earnings, ending $ 0 33