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Calculate the dividends declared during the year

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Question - At the beginning of its current fiscal year, Willie Corp.'s balance sheet showed assets of $10,100 and liabilities of $7,000. During the year, liabilities decreased by $1,300. Net income for the year was $3,250, and net assets at the end of the year were $4,250. There were no changes in paid-in capital during the year. Calculate the dividends, if any, declared during the year. Indicate the financial statement effect.

Reference no: EM133102984

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