At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $256,000. During the year liabilities decreased by $14,400, assets increased by $52,000, and paid-in capital increased from $24,000 to $153,600. Dividends declared and paid during the year were $20,000. At the end of the year, stockholders equity totaled $343,200.

Required:

Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.)

					Stockholders Equity
	Assets	=	Liabilities	+	PIC	+	RE
Beginning:		=	$256,000	+	24,000	+
Changes:	52,000	=	(14,400)	+		+
Ending:		=		+	153,600	+		($343200 total SE)

Statement of Stockholders' Equity
Retained earnings, beginning
Less: Net loss
Less: Dividends
Retained earnings, ending	$0