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At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $12,400 and liabilities of $5,500. During the year, liabilities decreased by $1,000. Net income for the year was $2,750, and net assets at the end of the year were $7,350. There were no changes in paid-in capital during the year. Required: Calculate the dividends, if any, declared during the year. Indicate the financial statement effect. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Answer is complete but not entirely correct. Beginning: Changes: Assets $12,400 $12,400 400 - - = Liabilities $ 5,500 (1,000) Stockholders' Equity PIC + RE 0 + $ 6,900 0 + 2,750 (2,300) $ 7,350 + Net income - Dividends 0 $12,800 4,500 Ending: = $ +