At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $432,000. During the year, liabilities decreased by $70,000, assets increased by $157,000, and paid-in capital increased by $12,000 to $383,000. Dividends declared and paid during the year were $125,000. At the end of the year, stockholders' equity totaled $750,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.) Stockholders' Equity PIC RE Assets Liabilities + + = + Beginning Changes $ 432,000 + (70,000) + 157,000 = 12,000 + Ending + $ 383,000 + $750,000 SE