Firm L had net assets at the end of the year of $415,000. The only transactions affecting stockholders' equity during the year were net income of $58,000 and dividends of $28,000. Required: Calculate Firm ['s average stockholders' equity and return on equity (ROE). Beginning stockholders' equity + Average Stockholders' Equity Ending stockholders' 7 equity $ 415.000 2= Average Stockholders Equity $ 400.000 $ 385.000 + 2 Return on Equity Return on Equity Net income 17 Average stockholders' equity $ 64,000 X 7 $ 400,000 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted 16%