Compute the following items for the statement of cash flows:
a. Beginning and ending Plant Assets, Net, are $120,000 and $112,000, respectively. Depreciation for the period was $16,000, and purchases of new plant assets were $26,000. Plant assets were sold at an $8,000 loss. What were the cash proceeds of the sale?
b. Beginning and ending Retained Earnings are $48,000 and $73,000, respectively. Net income for the period was $61,000, and stock dividends were $6,000. How much were cash dividends?