At the beginning of its current fiscal year, Willie Corporations balance sheet showed assets of $67,600 and liabilities of $33,000. During the year, liabilities decreased by $5000. Net income for the year was $20,400, and net assets at the end of the year were $48,000. There were no changes in paid-in capital during the year. Calculate the dividends, if any, declared during the year. Indicate the financial statement effect.