Consider the following facts for Vanilla Valley:
a. Beginning and ending Retained Earnings are $43,000 and $69,000, respectively. Net income for the period is $58,000.
b. Beginning and ending Plant Assets are $120,600 and $126,600, respectively.
c. Beginning and ending Accumulated Depreciation Plant Assets are $18,600 and $20,600, respectively.
d. Depreciation Expense for the period is $13,000, and acquisitions of new plant assets total $27,000. Plant assets were sold at a $4,000 gain.
Requirements
1. How much are cash dividends?
2. What was the amount of the cash receipt from the sale of plant assets?