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 $520,000. During the year, liabilities increased by $21,000 to $225,000, paid-in capital increased by $38,000 to $171,000, and assets increased by $264,000. Dividends declared and paid during the year were $57,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign. > Answer is not complete. Stockholders' Equity Assets Liabilities PIC RE Beginning = + + Changes 264,000 = 21,000 + 38,000 + Changes Ending = $225,000 + $ 171,000 + $520,000 SE Net income Dividends