At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $436,000. During the year, liabilities decreased by $75,000, assets increased by $154,000, and paid-in capital increased by $18,000 to $376,000. Dividends declared and paid during the year were $127,000. 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.

\begin{tabular}{|c|c|c|c|c|c|c|c|c|c|} \hline & \multirow{2}{*}{ Assets } & \multirow{2}{*}{=} & \multirow{2}{*}{ Liabilities } & \multirow{2}{*}{+-} & \multicolumn{4}{|c|}{ Stockholders' Equity } & \\ \hline & & & & & & PIC & + & RE & \\ \hline Beginning & & = & $436,000 & + & & & + & & \\ \hline Changes & 154,000 & = & (75,000) & + & & 18,000 & + & & \\ \hline \multicolumn{10}{|l|}{ Changes } \\ \hline Ending & & = & & + & $ & 376,000 & + & & $754,000SE \\ \hline \end{tabular}