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 $39000 to $249,600. Dividends declared and paid during the year were $32,500. At the end of the year stockholders equity totaled $557700 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.) s Beginning Changes Assets - 865,800 84,500 Liabilities . $ 416,000+ (23,400) + Stockholders' Equity PIC + RE S 39,000 + $ 410,800 210 6001 - 70200) Ne lom 32 500) Dividends S 249,60013308,100 (5557 700 total SE) Ending 5950,300 - 392,600 Statement of Stockholders' Equity (Partial) Retained earnings beginning Retained earnings, ending