Fairhope Recyclers Company uses the indirect method to prepare its statement of cash flows. Refer to the following information for 2025 : 1. Retained Earnings, beginning balance, $161,000 2. Retained Earnings, ending balance, $123,000 3. There is a net loss of $26,000 for the year. What is the amount of dividends declared during the year? $38,000 $64,000 $14,000 $12,000