At the beginning of the current fiscal year, the balance sheet of Hughey, Inc. showed owners' equity of $520,000. During the year, liabilities increased by $21,000 to $234,000; paid-in capital increased by $40,000 to $175,000; and assets increased by $260,000. Dividends declared and paid during the year were $55,000. Calculate net income or loss for the year.
Answer in note book.