At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders' equity of $520,000. During the year, liabilities increased by $23,000 to $229,000; paid-in capital increased by $31,000 to $173,000; and assets increased by $264,000. Dividends declared and paid during the year were $50,000.

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

Stockholders' Equity PIC Assets Liabilities RE + Beginning $520,000 SE + Net income Changes 23,000 264,000 31,000 Dividends $229,000 $173,000 Ending + +