Exercise 2-16 (Algo) Calculate net income (or loss) using the accounting equation L0 2.2, 2.3 At the beginning of the current fiscal year, the bolance sheet for Davis Campary shewed labities of 5695.000. During the yeat, nabilities docreased by $23,400, arsuts increased by $84,500 and paid in capinal inereased from $39000 to $249600. 0 vidinat deciared and pald during the year were $32,500. At the end of the year, stockholders' equify totaled 5557700 . Reguiredt a. Coicuiate nes income (or loss) for the year, Indicate Bne tinancial statemem enfect. Cemplete this questien by enterieg your answers in the tabs below. Calculate net income (or loss) for the year, Note: Enter decreases with a minus sigh to indicate a negative financal Matemgry effect