At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $192,000. During the year, liabilities decreased by $10,800, assets increased by $39,000, and paid-in capital increased from $18,000 to $115,200. Dividends declared and paid during the year were $15,000. At the end of the year, stockholders' equity totaled $257,400. 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 $ 18,000 Liabilities $ 192,000+ (10,800) Beginning: Changes: 39,000 Ending: ($257,400 total SE) $ 115,200 Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending