At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $438,000. During the year, liabilities decreased by $72,000; assets increased by $154,000; and paid-in capital increased by $20,000 to $380,000. Dividends declared and paid during the year were $124,000. At the end of the year, stockholders' equity totaled $758,000.

Required: Calculate net income or loss for the year.