Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available:? Retained earnings balance at the beginning of the year$233,000Cash dividends declared for the year 50,000Proceeds from the sale of equipment 85,000Gain on the sale of equipment 4,500Cash dividends payable at the beginning of the year 22,000Cash dividends payable at the end of the year 30,000Net income for the year 110,000The amount of cash paid for dividends was:
A. $42,000.
B. $58,000.
C. $50,000.
D. $60,000.
E. $52,000.
Answer: A
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