At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $431,000. During the year, liabilities decreased by $72,000, assets increased by $151,000, and paid-in capital increased by $27,000 to $386,000. Dividends declared and paid during the year were $122,000. At the end of the year, stockholders' equity totaled $756,000.

Calculate net income or loss for the year.