Mini$-$Exercise $2-1($Algo$)$ Understanding financial statement relationships LO $2-2,2-3$

Total assets were $$76,000$ and total liabilities were $$41,000$ at the beginning of the year. Net income for the year was $$15,000,$ and dividends of $$4,500$ 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.