At the beginning of the current fiscal year, the balance sheet of Cummings Co.

At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $219,000. During the year, liabilities decreased by $36,000; assets increased by $77,000; paid-in capital also increased by $10,000 to $190,000. Dividends declared and paid during the year were $62,000. At the end of the year, owners’ equality totaled $379,000.

Calculate net income or loss for the year;

A = L + PIC + RE

Beginning $______ $________ $_______ $_________

Changes

Ending $_______$_________$________$___________

At the beginning of the current fiscal year, the balance sheet of Cummings Co.