Calculate net income (or loss) using the accounting equation. At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $640,000. During the year liabilities decreased by $36,000, assets increased by $130,000, and paid-in capital increased from $60,000 to $384,000. Dividends declared and paid during the year were $50,000. At the end of the year, stockholders' equity totaled $858,000.

Required:

Calculate net income (or loss) for the year.