1 The following account balances appear on Martin Company's balance sheet at the beginning and end of 2012: Dividends Payable Retained Earnings $55,000 O $70,000 O $45,000 O $40,000 1/1/2012 12/31/2012 Net income for the year amounted to $450,000. Determine the amount of cash paid for dividends. O $15,000 $ 30,000 380,000 $ 45,000 760,000

The following account balances appear on Martin Company's balance sheet at the beginning and end of 2012: Net income for the year amounted to $450,000. Determine the amount of cash paid for dividends. $55,000 $70,000 $45,000 $40,000 $15,000