At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $432,000. During the year, iabilities decreased by $79,000, assets increased by $157,000, and paid-in capital increased by $27,000 to $380,000. Dividends declared and paid during the year were $127,000. At the end of the year, stockholders' equity totaled $758,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign