please explain in depth so i can see how to get there

At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $352,000. During the year, liabilities decreased by $19,800, assets increased by $71,500, and paid-in capital increased from $33,000 to $211,200. Dividends declared and paid during the year were $27,500. At the end of the year, stockholders' equity totaled $471,900. 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.) Stockholders' Equity Assets Liabilities PIC RE 352,000 + $ 33,000 + Beginning: (19,800) + 71,500 = Changes: $ 211,200 + |($471,900 total SE) Ending: Statement of Stockholders' Equity (Partial) Retained earnings, beginning Retained earnings, ending