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.) Assets Stockholders' Equity PIC + RE $ 39,000 Beginning Changes: Liabilities $ 416,000 + (23,400) + 84.500 = Ending: $ 249,600 ($557,700 total SE) Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending