Exercise 8-5 (Algo) Review exercise-calculate net income At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $527,000 During the year liabilities increased by $24,000 to $223,000 paid-in capital increased by $36.000 to $178,000, and assets increased by $262,000. Dividends declared and paid during the year were $49.000 Required: Calculate net income or loss for the year (Amounts to be deducted should be indicated with a minus sign.) Stockholders' Equity PIC RE Assets Liabilities $527,000 SE Beginning Changes 262,000 ++ 24000 + 36.000 Ending $ 223,000+ 5178.000 +