Changes in all of Es balance sheet accounts during the current year, EXCEPT the change in Es retained earnings account follow. Compute Es net income (or net loss) for the year assuming the only two entries E made to her retained earnings account during the year were for a cash dividend declared and paid of $50,000 and her net income (or net loss) for the year. (This is NOT a statement of cash flows problem do NOT format it like a statement of cash flows problem.)

Cash decreased $ 25,000

Accounts receivable decreased $ 15,000

Inventory decreased $100,000

Prepaid insurance increased $ 12,000

Fixed assets increased $165,000

Accumulated depreciation increased $ 90,000

Accounts payable increased $120,000

Salaries payable decreased $ 65,000

Unearned revenue increased $ 15,000

Notes payable decreased $ 50,000

Common stock increased $ 5,000

Additional paid-in-capital increased $145,000