Question: please explain how to do it as well At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,000 and

please explain how to do it as well

At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $11,000 and liabilities of $6,400. During the year, liabilities decreased by $1,000. Net income for the year was $2,600, and net assets at the end of the year were $5,000. 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. (Enter decreases with a minus sign to indicate a negative financial statement effect.) Stockholders' Equity Assets Liabilities + PIC + RE $ 11,000 = $ 0+ $ 4,600 Beginning: Changes: 6,400 + $ (1,000) + II 0 + Ending: II + 0 +

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