At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $224,000. During the year, liabilities decreased by $12,600, assets increased by $45,500, and paid-in capital increased from $21,000 to $134,400. Dividends declared and paid during the year were $17,500. At the end of the year, stockholders' equity totaled $300,300. 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 Assets PIC - - Liabilities + $ 224,000 + (12,600) + $ Beginning: Changes: 21,000+ 45,500 Ending: + $ 134,400 + ($300,300 total SE) Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending