On 12/31/18, Hite Industries reported retained earnings of $475,000 on its balance sheet, and it reported that it had $135,000 of net income during the year. On its previous balance sheet, at 12/31/17, the company had reported $445,000 of retained earnings. No shares were repurchased during 2018. How much in dividends did the firm pay during 2018?
A. $124,950
B. $127,050
C. $82,950
D. $111,300
E. $105,000
Answer: E
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