Question & Answer: At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $439,000. During the yea…..

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $439,000. During the year, liabilities decreased by $71,000; assets increased by $158,000; and paid-in capital increased by $29,000 to $386,000. Dividends declared and paid during the year were $121,000. At the end of the year, stockholders’ equity totaled $760,000.

Required:

Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.)