Problem:
The balance of Company A at the beginning of the year showed liabilities of $346,000. During the year liabilities increased by 14 000, assets increased by 65 000, and paid in capital also increased 20 000 to 165 000. Dividends declared and paid during the year were 51 000. At the end of the year owners equity totaled 402 000. What is net income or loss for the year?