oints Exercise 2-16 (Algo) Calculate net income (or loss) using the accounting equation LO 2-2, 2-3 At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $288,000. During the year. liabilities decreased by $16,200, assets Increased by $58,500, and paid-in capital increased from $27,000 to $172,800. Dividends declared and paid during the year were $22.500. At the end of the year, stockholders' equity totaled $386,100. Required: eflook a. Calculate net income (or loss) for the year. Indicate the financial statement effect. Ask Calculate net income (or loss) for the year. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Stockholders' Equity Assets Liabilities + PIC RE Beginning $ 288,000+ $ 27,000 Changes 58,500 (16,200) Changes Ending +$172,800+ ($386,100 total SE) Dividends Net income Net loss Dividends Net income Net loss Note: Enter decreases with a minus sign to indicate a negative fir Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending