At the beginnang of the current frocal year, the balance sheet for Davis Company showed liabilities of $288,000. During the year. Habities decreased by $16,200, assets increased by $58,500, and paid in capilat increased from $27,000 to $1/2,800 Dividends declared and paid dunng the year were $22,500. At the end of the year, stockholders' equity totaled $386,100 Required: a. Calculate net income for loss) for the year Indicate the financial statement effect : Complete this question ty entering yoar answers in the tabs below. Caloulate not income for lose) far the year. Note: Entor deoreases with a minus iljon to indicate a negative financial statement effect. At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilties of $288,000. During the year, Labilites decreased by $16,200, assets increased by $58,500, and paid-in captal increased from $27,000 to $172,800. Dividends declared and paid during the year were $22,500. At the end of the year, stockholders' equity totaled $386,100 Required: a. Calculate net incorne (or loss) for the year. Indicate the financial statement effect. " Complete this question by entering your answers in the tabs below. Indicate the financial statement effect. Notes Enter decreases with a minus sign to indicate a negative financial statement effect