Bagwells net income for the year ended December 31. Year 2 was 188,000. Information from bagwells comparative balance sheets is given below. Compute the cash paid for dividends during year 2.

At December 31

common stock, $5 par value year 2: 503,000 Year 1: $ 452,700

paid in capital in excess of par year 2: 951,000 year 1: 855,700

Retained earnings year 2: 691,000 year 1: 584,700