At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $160,000. During the year, liabilities decreased by $9,000, assets increased by $33,000, and paid-in capital increased from $15,000 to $96,000. Dividends declared and paid during the year were $12,000. At the end of the year, stockholders' equity totaled $215,000. Required: a. Calculate net income (or loss) for the year. Indicate the financial statement effect. Complete this question by entering your answers in the tabs below. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect