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At the beginning of the current fiscal year, the balance sheet of Hughey Incorporated showed stockholders equity of $530,000. During the year, liabilites increased by $27,000 to $236.000, paid-in capital increased by $37,000 to $179,000, and assets increase by $265,000. Dividends declared and paid during the year were $50,000 Required: Calculate net income or loss for the year Note: Amounts to be deducted should be indicated with a minus sign