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At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $439,000. During the year, liabilities decreased by $79,000,

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $439,000. During the year, liabilities decreased by $79,000, assets increased by $160,000, and paid-in capital increased by $18,000 to $371,000. Dividends declared and paid during the year were $122,000. At the end of the year, stockholders' equity totaled $751,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' Equity Assets = Liabilities + PIC + RE Beginning $ 439,000+ Changes 160,000 = (79,000) 18,000+ Net income Dividends Ending 11 $360,000+ $ 371,000+ $751,000 S

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