At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $519,000. During the year, liabilities increased by $22,000 to $229,000; paid-in capital increased by $39,000 to $177,000; and assets increased by $269,000.

Dividends declared and paid during the year were $49,000. Required: Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.)