At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockholders’ equity of $520,000. During the year, liabilities increased by $30,000 to $226,000; paid-in capital increased by $32,000 to $176,000; and assets increased by $260,000. Dividends declared and paid during the year were $54,000.
Calculate net income or loss for the year. (Amounts to be deducted should be indicated with a minus sign.)