Calculate dividends using the accounting equation At the beginning of its current fiscal y...

Calculate dividends using the accounting equation At the beginning of its current fiscal year, Willie Corp.’s balance sheet showed assets of $12,400 and  liabilities of $7,000. During the year, liabilities decreased by $1,200. Net income for the year was $3,000, and net assets at the end of the year were $6,000. There were no changes in paid-in capital during the year.

Required:

Calculate the dividends, if any, declared during the year.(Hint: Set up an accounting equation for the beginning of the year, changes during the year, and at the end of the year. Enter known data and solve for the unknowns.)

Here is a possible worksheet format: