At the Beginning of the Current Fiscal Year, the Balance

At the beginning of the current fiscal year, the balance sheet of Arches Co. showed liabilities of $380,000. During the year liabilities increased by $10,000, assets increased by $55,000, and paid-in capital increased by $20,000 to $165,000. Dividends declared and paid during the year were $60,000. At the end of the year, stockholders' equity totaled $402,000. Calculate net income or loss for the year. $$\begin{array} { | l | c | c | c | c | c | c | c | c | } \hline & & & & & &{ \text { SE } } \\\hline & \mathrm { A } & = & \mathrm { L } & + & \text { PIC } & + & \mathrm { RE } & \\\hline \text { Beginning } & \$ ( 5 ) & = & \$ 380,000 & + & ( 4 ) & + & ( 6 ) & \\\hline \text { Changes } & + 55,000 & & + 10,000 & + & + 20,000 & & ( 7 ) & \text { Net income } \\\hline & & & & & & & - 60,000 & \text { Dividends } \\\hline \text { Ending } & ( 3 ) & & ( 2 ) & & \$ 165,000 & & ( 1 ) & \\\hline\end{array}$$