Exercise $8-8($Algo$)$ Review exercise$-$calculate net income LO $8-7$

At the beginning of the current fiscal year, the balance sheet of Cummings Company showed liabilities of $$430,000.$ During the year, liabilities decreased by $$78,000,$ assets increased by $$156,000,$ and paid$-$in capital increased by $$27,000$ to $$374,000.$ Dividends declared and paid during the year were $$125,000.$ At the end of the year, stockholders' equity totaled $$756,000.$

Required:

Calculate net income or loss for the year.

Note: Amounts to be deducted should be indicated with a minus sign.

$\backslash$table$[[,$Assets,$=,$Liabilities,$+,$Stockholders' Equity,$],[,,$PIC,$+,$RE$,],[$Beginning$,,=,$$$430,000,+,,,+,,],[$Changes$,156,000,=,(78,000),+,,27,000,+,,],[$Changes$],[$Ending$,,=,,+,$$$,374,000,+,,$$$756,000SE$