Question: Answer this 2eS Mini-Exercise 2-1 (Algo) Understanding financial statement relationships LO 2-2, 2-3 Total assets were $70,000 and total liabilities were $38,000 at the beginning

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2eS Mini-Exercise 2-1 (Algo) Understanding financial statement relationships LO 2-2, 2-3 Total assets were $70,000 and total liabilities were $38,000 at the beginning of the year. Net income for the year was $13,500, and dividends of $3,000 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

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