At the beginning of the current fiscal year, the balance sheet of Moondrop Co. showed liabilities of $760,000. During the year liabilities increased by $20,000, assets increased by $110,000, and paidin capital increased by $40,000 to $330,000. Dividends declared and paid during the year were $120,000. At the end of the year, stockholders' equity totaled $804,000. Calculate net income or loss for the year along with the other amounts. Required: Calculate the value of the 7 numbers.

	Assets =	Liabilities +	Paid In Capital +	Retained Earnings
Beginning	$(5) =	$760,000 +	(4)	(6)
Changes	+$110,000	+$20,000	+$40,000	(7)
Ending	(3)	(2)	$330,000	(1)

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