At the beginning of the current fiscal year, the balance sheet for Davis 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.)