At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $350,000. During the year, liabilities increased by $17,000 to $167,000, paid-in capital increased by $30,000 to $120,000, and assets increased by $160,000. Dividends declared and paid during the year were $40,000.

Required:

Calculate net income or loss for the year.

Note: Amounts to be deducted should be indicated with a minus sign.