Show me the steps to solve At the beginning of the current fiscal year, the balance sheet for Davis Company showed liabilities of $$160,000.$ During the year,

liabilities decreased by $$9,000,$ assets increased by $$33,000,$ and paid$-$in capital increased from $$15,000$ to $$96,000.$ Dividends

declared and paid during the year were $$12,000.$ At the end of the year, stockholders' equity totaled $$215,000.$

Required:

a$.$ Calculate net income $($or loss$)$ for the year. Indicate the financial statement effect.

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Indicate the financial statement effect.

Note: Enter decreases with a minus sign to indicate a negative financial statement effect.