Calculate dividends using the accounting equation At the beginning of its cur- rent fiscal year, Willie Corp.'s balance sheet showed assets of $12,400 and liabilities of $7,000. During the year, liabilities decreased by $1,200. Net income for the year was $3,000, and net assets at the end of the year were $6,000. There were no changes in paid-in capital during the year.

Required: Calculate the dividends, if any, declared during the year.