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At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $480,000. During the year, liabilities decreased by $27,000, assets increased by $97,500, and paid-in capital increased from $45,000 to $288,000. Dividends declared and paid during the year were $37,500. At the end of the year, stockholders' equity totaled $643,500. 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.) Assets Stockholders' Equity PIC RE 45.000 Liabilities $ 480,000 (27.000) Beginning Changes $ 97,500 Ending $ 288,000+ (5643,500 total SE) Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earrings, ending