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 $61,000 and dividends of $31,000. Required: Calculate Firm L's average stockholders' equity and return on equity (ROE). Beginning stockholders' equity Average Stockholders' Equity + Ending stockholders' equity $ 415,000 1 2 Average Stockholders' Equity + 2 = Net income Return on Equity 1 Average stockholders' equity 61,000 1 = Return on Equity $ 0