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A company has the following comparative balances on December 31, 2021 and 2022: ASSETS 2021 2022 LIABILITIES AND EQUITY 2021 2022 Cash 120,000 250,000 Accounts

A company has the following comparative balances on December 31, 2021 and 2022:

ASSETS 2021 2022 LIABILITIES AND EQUITY 2021 2022
Cash 120,000 250,000 Accounts payable 400,000 450,000
Accounts receivable 520,000 370,000 Accrued expenses 88,000 67,000
Inventories 340,000 400,000 Long-term debt 300,000 350,000
Fixed assets, net 200,000 250,000 Common stock 300,000 300,000
Other assets 50,000 45,000 Retained earnings 142,000 148,000
TOTAL ASSETS 1,230,000 1,315,000 TOTAL LIABILITIES AND EQUITY 1,230,000 1,315,000

The companys result of operations for the year 2022 is presented below.

Net sales 1,582,000
Less: cost of goods sold 1,235,000
Gross profit 347,000
Less: operating expenses 258,000
Operating income 89,000
Less: interest expense 9,000
Net income before tax 80,000
Less: income tax (30%) 24,000
Net income after tax 56,000

How much dividends were paid in 2022?

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