Total assets were $72,000 and total liabilities were $39,000 at the beginning of the year. Net income for the year was $14,000, and dividends of $3,500 were declared and paid during the year. Assume that no other changes occurred 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 = Liabilities + $ 39,000 + $ 72,000 = 11 + Stockholders' Equity $

Total assets were $72,000 and total liabilities were $39,000 at the beginning of the year. Net income for the year was $14,000, and dividends of $3,500 were declared and paid during the year. Assume that no other changes occurred 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