At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $438,000. During the year, liabilities decreased by $78,000, assets increased by $158,000, and paid-in capital increased by $21,000 to $370,000. Dividends declared and paid during the year were $128,000. At the end of the year, stockholders' equity totaled $754,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. Beginning Changes Changes Ending Assets w 11 158.000 = 11 Liabilities + $ 438.000 + (78,000) + + Stockholders' Equity RE PIC + 21.000 + 370.000 + $754.000 SE

At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $438,000. During the year, liabilties decreased by $78,000, assets increased by $158,000, and paid-in capital increased by $21,000 to $370,000. Dividends declared and paid during the year were $128,000. At the end of the year, stockholders' equity totaled $754,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign