At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders' equity of $510,000. During the year, liabilities increased by $22,000 to $228,000; paid-in capital increased by $33,000 to $178,000; and assets increased by $263,000. Dividends declared and paid during the year were $57,000.

Required:

Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.)

					Stockholders Equity
	Assets	=	Liabilities	+	PIC	+	RE
Beginning		=		+		+		$510,000 SE
Changes	263,000	=	22,000	+	33,000	+
Ending		=	$228,000	+	$178,000	+