Sammy Co. Solve for Net Income
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At the beginning of the current fiscal year, the balance sheet for Sammy Co. showed liabilities of $352,000. During the year liabilities decreased by $19,800, assets increased by $71,500, and paid-in capital increased from $33,000 to $211,200. Dividends declared and paid during the year were $27,500. At the end of the year, stockholders' equity totaled $471,900.
What is the net income or net loss for the period?
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