Save & Exit At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $320,000. During the year, liabilities decreased by $18,000, assets increased by $65,000, and paid-in capital increased from $30,000 to $192,000, Dividends declared and paid during the year were $25,000. At the end of the year, stockholders' equity totaled $429,000 Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Equity PIC RE Assets HII # Liabilities $ 320,000+ (18,000) Beginning: Changes: $ 30,000 + 65,000 + Ending: = $ 192,000+ ($429,000 total SE) Ending: $ 192,000 + ($429,000 total SE) Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending