Calculate net income for the year

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Reference no: EM13791687

At the beginning of the current fiscal year, the balance sheet for Sammy Co. showed liabilities of $320,000. During the year liabilities decreased by $18,000, assets increased by $65,000, and paid-in capital increased from $30,000 to $192,000. Dividends declared and paid during the year were $25,000. At the end of the year, stockholders equity totaled $429,000.

Required:

Calculate net income (or loss) for the year.

Reference no: EM13791687

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