Understanding financial statement relationships Total assets were $48,000 and total liabilities were $27,000 at the beginning of

Question:

Understanding financial statement relationships Total assets were $48,000 and total liabilities were $27,000 at the beginning of the year. Net income for the year was $8,000, and dividends of $2,000 were declared and paid during the year.

Required:
Calculate total stockholders' equity at the end of the year.