Homework Saved Help Save & Exit Submit Check my work 3 At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $448,000. During the year, liabilities decreased by $25,200, assets increased by $91,000, and paid-in capital increased from $42,000 to $268,800. Dividends declared and paid during the year were $35,000. At the end of the year, stockholders' equity totaled $600,600. Required: Calculate net income (or loss) for the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) ok 3 Assets PIC Stockholders' Equity Liabilities RE $ 448,000 + $ 42,000+ (25,200) 226,800 Beginning: Changes: nces 91,000 = Ending: $ 422.800 + $ 268.800 + ($600.600 to Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending $ 0