22 nts eBook Print eferences Exercise 2-16 (Algo) Calculate net income (or loss) using the accounting equation LO 2-2, 2-3 At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $352,000. During the year, liabilities decreased by $19,800, assets increased by $71,500, and paid-in capital increased from $33,000 to $211,200. Dividends declared and paid during the year were $27,500. At the end of the year, stockholders' equity totaled $471,900. Required: a. Calculate net income (or loss) for the year. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below. Required A1 Required A2 Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending $ 0