At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $416,000. During the year, liabilities decreased by $23,400, assets increased by $84,500, and paid-in capital increased from $39,000 to $249,600. Dividends declared and paid during the year were $32,500. At the end of the year, stockholders equity totaled $557,700. 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.)

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					Stockholders Equity
	Assets	=	Liabilities	+	PIC	+	RE
Beginning:		=	$416,000	+	$39,000	+
Changes:	84,500	=	(23,400)	+		+
Ending:		=		+	$249,600	+		($557,700 total SE)

Statement of Stockholders' Equity (Partial)
Retained earnings, beginning
Retained earnings, ending	$0