Question & Answer: At the beginning of the current fiscal year, the balance sheet of Hughey, Inc., showed stockhold…..

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.

Required:

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