At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $$520,000.$ During the year, liabilities increased by $$25,000$ to $$237,000,$ paid$-$in capital increased by $$35,000$ to $$175,000,$ and assets increased by $$259,000.$ Dividends declared and paid during the year were $$49,000.$

Required:

Calculate net income or loss for the year.

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