At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders' equity of $520,000. During the year, liabilities increased by $30,000 to $226,000; paid-in capital increased by $32,000 to $176,000; and assets increased by $260,000. Dividends declared and paid during the year were $54,000.

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	$520,000	=	$54,000	+		+		$520,000 SE
Changes	260,000	=	30,000	+	32,000	+		Dividends
								Net income
Ending		=	$226,000	+	$176,000	+