Requirements

Compute the following items for the statement of cash flows:

1. The beginning and ending Retained Earnings balances are $48,000 and $71,000, respectively. Net income for the period is $93,000. How much are cash dividends?

2. The beginning and ending net Fixed Assets balances are $116,000 and $110,000, respectively. Depreciation expense for the period is $19,000, and acquisitions of new fixed assets total $25,000. Fixed assets were sold at a $2,000 gain. What were the cash proceeds of the sale?