At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $224,000. During the year, liabilities decreased by $12,600, assets increased by $45,500, and paid-in capital increased from $21,000 to $134,400. Dividends declared and paid during the year were $17,500. At the end of the year, stockholders equity totaled $300,300.

Required: Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity AssetsLiabilities PIC RE Beginning: 466,200224,000+ Changes: 21,000 $ 221,200 45,500(12,600) 113,400(37,800) Net loss (17,500)vidends Ending $ 511,700211,400134,400165,900 ($300,300 total SE Statement of Stockholders' Equity (Partial) Retained earnings, beginning 221,200 Retained earnings, ending 221,200