Total assets were $35,000 and total liabilities were $16,400 at the beginning of the year. Net income for the year was $6,100, and dividends of $1,700 were declared and paid during the year. Required: Calculate total stockholders' equity at the end of the year. Indicate the financial statement effect. Note: Enter decreases with a minus sign to indicate a negative financial statement effect. Beginning Changes: Changes: Ending:. Assets $ 35,000 = Liabilities + $ 16,400 + + Stockholders' Equity $ 0

Total assets were $35,000 and totat liabilities were $16,400 at the beginning of the year Net income for the year was $6,100, and dividends of $1,700 were dectared and paid during the year. Required: Calculate lotal stockhoiders' equity at the end of the year. Indicate the financial statement effect: Note: Enter decreases with a minus sign to indicote a negotive financial statement effect