At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $760,000. During the year liabilities increased by $20,000 , assets increased by $110,000 and paid-in capital increased by $40,000 to $330,000. Dividends declared and paid during the year were $120,000. At the end of the year, stockholder's equity totaled $804,000. Calculate net income or loss for the year.