At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $430,000. During the year, liabilities decreased by $76,000, assets increased by $152,000, and paid-in capital increased by $17,000 to $385,000. Dividends declared and paid during the year were $125,000. At the end of the year, stockholders' equity totaled $760,000. 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 = Liabilities + 152,000 = ||| $430,000+ (76,000) + + Stockholders' Equity RE PIC + + 17,000+ $385,000 + $760,000 SE

At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $430,000. During the year, liabilities decreased by $76,000, assets increased by $152,000, and paid-in capital increased by $17,000 to $385,000. Dividends declared and paid during the year were $125,000. At the end of the year, stockholders' equity totaled $760,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign