At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $439,000. During the year, liabilities decreased by $74,000, assets increased by $151,000, and paid-in capital increased by $15,000 to $381,000. Dividends declared and paid during the year were $123,000. At the end of the year, stockholders' equity totaled $751,000. 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
Beginning		=	$439,000	+		+
Changes	151,000	=	(74,000)	+	15,000	+
Ending		=		+	$381,000	+		$751,000 SE