At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $876,000. During the year, liabilities decreased by $144,000; assets increased by $308,000, and paid-in capital increased by $40,000 to $760,000. Dividends declared and paid during the year were $248,000. At the end of the year, stockholders' equity totaled $1,516,000. 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 $ = $ 876,000 + $ 720,000 + $ 508,000 1,940,000 308,000 = (144,000) + 40,000 + (248,000) Dividends Beginning Changes Ending $ 2,248,000 $ 732,000 + $ 760.000 + $ 756,000 Dividends Net income Net loss