(5pts) 7. On

(12)/(31)/22

, HS Industries reported retained earnings of

$5,000,000

on its balance sheet, and it reported that it had

$1,000,000

of net income during the year. On its previous balance sheet, at

(12)/(31)/21

, the company had reported

$4,700,000

of retained earnings. No shares were repurchased during 2022. How much in dividends did the firm pay during 2022 ?

(5pts) 7. On 12/31/22, HS Industries reported retained earnings of $5,000,000 on its balance sheet, and it reported that it had $1,000,000 of net income during the year. On its previous balance sheet, at 12/31/21, the company had reported $4,700,000 of retained earnings. No shares were repurchased during 2022. How much in dividends did the firm pay during 2022