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Question - At the beginning of the current fiscal year, Mindspin Lab's balance sheet showed assets of $1,350,000 and liabilities of $1,050,000. During the year, liabilities decreased by $70,000. Net Income for the year was $350,000, and net assets at the end of the year were $386,000. There were no changes in paid-in capital during the year.
Required -
1. Calculate the dividends, if any, declared during the year.
2. Calculate the total assets at the end of the year.
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