Exercise 8-7 (Algo) Review exercise-calculate net income LO 8-7 At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders' equity of $515,000. During the year, liabilities increased by $28,000 to $225,000, paid-in capital increased by $33,000 to $177,000, and assets increased by $255,000. Dividends declared and paid during the year were $62.000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. Stockholders' Equity Assets Liabilities PIC RE Beginning Changes $515,000 SE 255,000 28,000+ 33,000+ Changes Ending $225,000+ $ 177,000+