Fernwood Company is preparing the company's statement of cash flows for the fiscal year just ended. The following information is available: Retained earnings balance at the beginning of the year $ 273,000

Cash dividends declared for the year 60,000

Proceeds from the sale of equipment 102,600

Gain on the sale of equipment 5,700

Cash dividends payable at the beginning of the year 26,400

Cash dividends payable at the end of the year 34,000

Net income for the year 132,000

The amount of cash paid for dividends was:

$72,000.

$52,400.

$60,000.

$71,600.

$60,400.