Review exercise—calculate net income 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; and 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’ equity totaled $379,000.
Required:
Calculate net income or loss for the year using the same format as shown in Exercise 8.1.
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