At the beginning of the current fiscal year the balance sheet for Davis Co. showed liabilities of $280,000. During the year, liabilities decreased by $16,200 assets increased by $58,500 and paid in capital increase from $27,000 to $172,800. Dividends declared and paid during the year were $22,500. At the end of the year stockholders equity totaled $386,100.

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 $ 27,000 + Liabilities $ 288,000 + (16,200) Beginning: Changes: 58,500 - Ending $ 172,800 (5386,100 total SE)