At the beginning of the current fiscal year, the balance sheet of Hughey Inc. showed stockholders' equity of $527,000. During the year, liabilities increased by $24,000 to $239,000; paid-in capital increased by $33,000 to $178,000; and assets increased by $250,000. Dividends declared and paid during the year were $59,000.Required:Calculate net income or loss for the year.

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