At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $320,000. During the year, liabilities decreased by $18,000, assets increased by $65,000, and paid-in capital increased from $30,000 to $192,000. Dividends declared and paid during the year were $25,000. At the end of the year, stockholders equity totaled $429,000. 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.)

					Stockholders Equity
	Assets	=	Liabilities	+	PIC	+	RE
Beginning:		=	$320,000	+	$30,000	+
Changes:	65,000	=	(18,000)	+		+
Ending:		=		+	$192,000	+		($429,000 total SE)