At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $260,000. During the year, liabilities increased by $11,000 to $116,000, paid-in capital increased by $20,000 to $90,000, and assets increased by $130,000. Dividends declared and paid during the year were $28,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' Equity PIC RE Assets = Liabilities + + $260,000 SE Beginning Changes 130,000 = 11,000 20,000 + Ending $ 116,000 90,000