At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $448,000. During the year, liabilities decreased by $25,200, assets increased by $91,000, and paid-in capital increased from $42,000 to $268,800. Dividends declared and paid during the year were $35,000. At the end of the year, stockholders' equity totaled $600,600. Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Assets = + Stockholders' Equity PIC RE 42.000 + Liabilities 448,000 + (25,200) + Beginning: Changes: $ 91.000 Ending: + $ 268,800 + ($600,600 total SE) Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending $ 0