At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $320,000. During the year, liabilities decreased by $18,000, assets increased by $65,000, and paid-in capital increased from $30,000 to $192,000. Dividends declared and paid during the year were $25,000. At the end of the year, stockholders equity totaled $429,000.

Statement of Stockholders' Equity (Partial)
Retained earnings, beginning
Retained earnings, ending	$0