Review exercise-calculate net income At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $350,000. During the year, liabilities increased by $17,000 to $167,000, paid-in capital increased by $30,000 to $120,000, and assets increased by $160,000. Dividends declared and paid during the year were $40,000. Required: Calculate net income or loss for the year. (Hint: Set up the accounting equation for beginning balances, changes during the year, and ending balances; then solve for missing amounts.)