At the beginning of the current fiscal year, the balance sheet for Davis Co 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. All the end of the year. Stockholders' equity totaled $471, 900. Required: Calculate net Income (or loss) for the year. (Negative amounts should be indicated by a minus sign.)