At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $439,000. During the year, liabilities decreased by $71,000; assets increased by $158,000; and paid-in capital increased by $29,000 to $386,000. Dividends declared and paid during the year were $121,000. At the end of the year, stockholders' equity totaled $760,000.

Required:

Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.)

					Stockholders Equity
	Assets	=	Liabilities	+	PIC	+	RE
Beginning		=	$439,000	+		+
Changes	158,000	=	(71,000)	+	29,000	+
Ending		=		+	$386,000	+		$760,000 SE