At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $288,000. During the year, liabilities decreased by $16,200, assets increased by $58,500, and paid-in capital 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: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets = Stockholders' Equity PIC + RE 27,000 + $ 235,800 145,800 + Net loss Liabilities + $ 288,000 + (16,200) + Beginning: $ Changes: 58,500 = Ending: + $ 172,800 + |($386,100 total SE) |