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 $79,000, assets increased by $150,000, and paid-in capital increased by $28,000 to $386,000. Dividends declared and paid during the year were $125,000. At the end of the year, stockholders' equity totaled $759,000. 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 II + Beginning Changes $ 432,000 + (79,000) + 150,000 = 28,000 + Ending + $ 386,000 + $759,000 SE