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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 $237,000; paid-in capital increased by $36,000 to $171,000; and assets increased by $254,000. dividends declared and paid during the year were $61,000. required: calculate net income or loss for the year.
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