connect Exercises All applicable Exercises are ulicable Exercises are available in Connect he beginning of the current fiscal ckholders' equity of $260.000 paid-in capital increased Exercise 8.5 000. Dividends declared and paid Review exercise-calculate net inco year, the balance sheet of Hughey, Inc., showed During the year. liabilities increased by $11,000 to $116,000; paid-in capit by $20,000 to $90,000; and assets increased by $130,000. Dividends declared an during the year were $28,000. nting equation for Required: Calculate net income or loss for the year. (Hint: Set up the accounting equation vear, and ending balances, then solve for beginning balances, changes during the year, and enam missing amounts.) RE PIC + + + + $ + + Beginning Changes Ending + + h urrent fiscal