At the beginning of its current fiscal year, Willie Corporation's balance sheet showed assets of $14,000 and liabilities of $6,600. During the year, liabilities decreased by $1,500. Net income for the year was $3,450, and net assets at the end of the year were $8,350. 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.

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Stockholders' Equity Assets Liabilities + PIC RE Beginning: $ 14,000 = $ 6,600 + $ 0+ Changes: = (1,500) + 0+ Changes: Ending: + 0 + Stockholders' Equity Assets Liabilities + PIC RE Beginning: $ 14,000 = $ 6,600 + $ 0+ Changes: = (1,500) + 0+ Changes: Ending: + 0 +