At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $518,000. During the year, liabilities increased by $24,000 to $238,000, paid-in capital increased by $36,000 to $176,000, and assets increased by $254,000. Dividends declared and paid during the year were $64,000.

Required:

Calculate net income or loss for the year.

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