At the beginning of the current fiscal year, the balance sheet for Jr Co. showed liabilities of $288,000. During the year liabilities decreased by $16,200, assets increased by $58,500, and paid-in capital increased from $27,000 to $172,800. Dividends declared and paid during the year were $22,500. At the end of the year, stockholders equity totaled $386,100.

Required:

Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.)

Stockholders' Equity Assets Liabilities PIC RE Beginning: Changes: $288,000 27,000 + (16,200) 58,500 + Ending: 172,800 ($386100 total SE) + +