At the beginning of the current fiscal year, the balance sheet of Mondrop Co. showed liabilities of $760,000. During the year liabilities increased by $20,000, assets Increased by $110,000, and paid-in 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 Essay Toolbar navigation BI V S E 3 11. AA. 23