Exercise $8-8($Algo$)$ Review exercise$-$calculate net income LO $8-7$

At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $$430,000,$ During the year, liabilities decreased by $$76,000,$ assets increased by $$156,000,$ and paid$-$in capital increased by $$13,000$ to $$389,000,$ Dividends declared and paid during the year were $$127,000.$ At the end of the year, stockholders' equity totaled $$754,000.$

Required:

Calculate net income or loss for the year.

Note: Amounts to be deducted should be indicated with a minus sign.

$\backslash$table$[[,$Assets,$=,$Liabilities,$+,$Stockholders' Equity,$],[,,$PIC,$+,$RE$,],[$Beginning$,,=,$$$430,000,+,,,+,,],[$Changes$,156,000,=,(76,000),+,,,13,000,+,,],[$Changes$],[$Ending$,,=,,+,$$$,389,000,+,,$$$754,000$SEN