Dividends on the Statement of Cash Flows The following selected account balances are available from the records of Hummelsvile Industries: December 31 2017 2016 Dividends payable $ 30,000 $ 20,000 Retained earnings 375,000 250,000 Other information available for 2017 is as follows: a. Hummelsville reported net income of $292,000 for the year. b. It declared and distributed a stock dividend of $48,000 during the year. c. It declared cash dividends at the end of each quarter and paid them within the next 30 days of the following quarter. Required: 1. With the use of T accounts, determine the amount of cash dividends paid during the year for presentation in the Financing Activities section of the statement of cash flows 2. A stock dividend does not involve cash and is not reported on the statement of cash flows