RELATIONSHIPS AMONG THE FINANCIAL STATEMENTS The following information is available at the end of 2009.

Total assets on 12/31/2008 $70,000 Total assets on 12/31/2009 78,000 Total liabilities on 12/31/2008 -0-

Total liabilities on 12/31/2009 -0-

Common stock on 12/31/2008 50,000 Common stock on 12/31/2009 50,000 Net income for 2009 12,000 Required:

Calculate the amount of dividends reported on the statement of retained earnings for 2009.

Exercise