At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $416,000. During the year, liabilities decreased by $23,400, assets increased by $84,500, and paid-in capital increased from $39,000 to $249,600. Dividends declared and paid during the year were $32,500. At the end of the year, stockholders equity totaled $557,700.

Required: Calculate net income (or loss) for the year. (Negative amounts should be indicated by a minus sign.) Stockholders' Equity PIC Assets -Liabilities + RE 416,000 39,000457,600 912.600 |+ |178.100 |(117,000) (32.500) Ca 84.500 Net loss Dividends (23.400) + -- Ending: + 308,100$557,700 total 997,100X439,400 SE)