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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 $438,000. During the year, liabilities decreased by $75,000, assets increased by $156,000, and paid-in capital increased by $21,000 to $374,000. Dividends declared and paid during the year were $121,000. At the end of the year, stockholders' equity totaled $754,000. Required: Calculate net income or loss for the year. Note: Amounts to be deducted should be indicated with a minus sign