At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $448,000. During the year, liabilities decreased by $25,200, assets increased by $91,000, and paid-in capital increased from $42,000 to $268,800. Dividends declared and paid during the year were $35,000. At the end of the year, stockholders equity totaled $600,600.

At the beginning of the current fiscal year the balance sheet for Davis Co. showed liabilities $42,000 to $268,800. Dividends declared and paid during the year were $35,000. At the Required: Calculate net income (or loss) for the year. (Negative amounts should be indicated by a