Applying Financial Statement Relations to Compute Dividends

Colgate-Palmolive reports the following dollar balances in its retained earnings account.

$ millions 2015 2014

Retained earnings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $18,861 $18,832

During 2015, Colgate-Palmolive reported net income of $1,384 million.

Required

a. What amount of dividends, if any, did Colgate-Palmolive pay to its stockholders in 2015?

b. What percent of its net income did Colgate-Palmolive pay out as dividends in 2015?